Komolafe: Nigeria’s crude oil production potential now 2.24m barrels per day

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s technical potential for crude oil production stands at 2.24 million barrels per day.

Gbemga Komolafe, chief executive officer (CEO) of NUPRC, spoke on Wednesday in Abuja at the ongoing 2025 Nigeria International Energy Summit (NIES).

Speaking on optimising production and bridging the gap, the NUPRC boss said Nigeria’s vast oil reserves presented a remarkable opportunity for growth and economic transformation.

He said crude oil production increased by 70 percent from one million barrels per day (bopd) in 2021 to the current production of 1.75 million bpd.

Komolafe said between 2023 and 2024, oil reserves increased by 1.43 percent, reaching 37.5 billion barrels, while gas reserves grew by 0.21 percent, reaching 209.26 trillion cubic feet.

“While our current production averages 1.75 million barrels per day, our technical potential is 2.24 million bpd,’ Komolafe said.

“The commission is working assiduously to bridge the gap between the actual production and the potential through actions aimed at improving transparency, driving collaboration with E&P companies, ensuring financial viability and fast-tracking field developments.

“It is also adopting cutting-edge improved oil recovery technologies, reducing costs, eliminating entry barriers and optimising production.”

‘NIGERIA’S RIG COUNT TO REACH 50 BY YEAR-END’

He also said the country’s rig count will hit 50 by the end of 2025.

Komolafe said the country’s rig count had increased from eight in 2021 to 40 in 2025.

According to Komolefe, the accomplishments are not just numbers but are parameters for measuring vibrancy in the industry driven by effective regulatory policies.

He said in pursuit of its goal to reach 40 billion barrels of oil and 220 trillion cubic feet of gas, it had vigorously pursued strategies to stimulate exploration activities and accelerate development.

As part of the efforts, he said the commission completed the 2022/2024 bid licensing round and awarded 27 petroleum prospecting licences (PPLs) across various terrains.

He said efforts were also on for the 2025 bid round, embracing a new paradigm of annual licensing rounds.

“At this point, it is worth highlighting that the Commission has deliberately been acquiring high-quality geological and geophysical data through multi-client service arrangements,” he said.

“The commission also ensures access to the data for enhanced value, especially during licensing rounds and other transformative deals.

“This proactive approach empowers informed decision-making and fuels strategic investments that will shape the future of Nigeria’s oil and gas sector for shared prosperity.”

Komolafe said its efforts to reactivate shut-in wells and leverage low-hanging fruit opportunities will bring them closer to the actualisation of the ‘Project one MMBOPD’ additional production target it recently inaugurated.