The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a production target of at least 2.1 million barrels of oil per day for the country this year, 2025.
The commission’s chief executive, Mr Gbenga Komolafe, announced this during his appearance before the Senate Committee on Appropriation.
Mr Komolafe highlighted the significant strides made by the agency since its establishment in 2021, noting that Nigeria’s rig count, which stood at 16 as of 2021, has now doubled to 32 under the commission’s oversight.
This increase reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.
He added that the bold production target by NUPRC aims to position Nigeria as a more competitive and sustainable player in the global oil and gas industry.
This is as the commission in its latest oil production data indicated that on a month-on-month basis, daily average oil output in December 2024 declined by 1.35 per cent from 1.690 million barrels per day recorded in November 2024 to 1.667 million barrels per day.
Data from the organisation also indicated that daily peak oil production in December 2024 was 1.79 million barrels per day while the lowest daily production was 1.57 million barrels per day.
Cumulatively, oil output in December 2024, was 51.69 million barrels, a marginal increase of 1.9 per cent when compared to 50.71 million barrels produced in November 2024.
Further analysis of the data showed that the highest oil output in December 2024 was recorded at Forcados Terminal at 8.49 million barrels followed by Bonny Terminal, 7.78 million barrels and Qua Iboe, 4.15 million barrels.