Wedoany.com Report-Jan 19, Emmanuel Addeh in Abuja the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the agency has set a minimum production target of 2.1 million barrels of crude oil per day for operators in 2025.

The Commission’s Chief Executive, Gbenga Komolafe, announced this during his appearance before the Senate Committee on Appropriation, a statement posted on the social media handles of the upstream industry regulator, said yesterday.

Komolafe highlighted the significant strides made by the commission since its establishment in 2021. He noted that Nigeria’s rig count, which stood at 16 as of 2021, has now doubled to 32 under the commission’s oversight.

This increase, he said, reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.

After struggling for over four years, Nigeria finally met its Organisation of Petroleum Exporting Countries (OPEC) oil production quota, increasing to 1.5 million barrels per day (bpd). This was a significant boost to the country’s economy, as oil exports contribute up to about 9 per cent of Nigeria’s Gross Domestic Product (GDP) and over 80 per cent of federal government foreign exchange earnings.

The increase was likely due to various factors, including improved security measures, new investments in the sector, and the development of new oil fields. Nigeria has been working to strengthen its oil industry, and the steady increase in production is seen as a positive step towards achieving that goal.

However, beyond meeting its OPEC quota for the first time in years, Nigeria also hit circa 1.7 million barrels per day average crude oil and condensate output in December 2024.

According to Komolafe, the bold crude oil production target aims to position Nigeria as a more competitive and sustainable player in the global oil and gas industry.

Also, the Joint Senate and House Committee on Finance has commended the NUPRC for surpassing its 2024 revenue target. A separate statement from the commission said that the committee made the commendation when Komolafe appeared before it on Monday.

This achievement, the committee noted, highlighted the commission’s significant contribution to national revenue and its efficient regulatory oversight of Nigeria’s upstream petroleum sector.

As of November 2024, the commission said it had exceeded its revenue target by 49 per cent, attributing it to its strategic overhaul of Nigeria’s upstream petroleum sector through regulatory reforms, plugging financial leakages and attracting substantial investments, despite the divestment of some oil and gas assets.

Responding to questions on gas flaring from the legislators, the CCE noted that the commission has developed a comprehensive Gas Flaring and Commercialisation Plan which aims to reduce methane emissions significantly while generating additional revenue for Nigeria through optimised gas utilisation and monetisation.

Komolafe emphasised NUPRC’s commitment to balancing environmental sustainability with economic growth in the upstream petroleum sector, stressing that these accomplishments reflect NUPRC’s strategic initiatives aimed at improving revenue generation, compliance, and transparency within the sector.