- NUPRC reports a 70% increase in Nigeria’s crude oil production since 2021 and targets 40 billion barrels in reserves.
- Nigeria’s current crude output stands at 1.75 million bpd, with a technical potential of 2.24 million bpd.
- TotalEnergies stopped routine gas flaring in 2023, and the NGFCP aims to attract $2.5 billion in investment for Nigeria’s gas sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reports a 70% rise in crude oil production since 2021. NUPRC CEO, Mr Gbenga Komolafe, shared this during the 8th Nigeria International Energy Summit (NIES) in Abuja.
Komolafe stated that Nigeria’s technical production potential stands at 2.24 million barrels per day (bpd). The commission aims to reach 40 billion barrels of crude reserves.
“Oil reserves rose 1.43% to 37.5 billion barrels between 2023 and 2024. Gas reserves climbed by 0.21% to 209.26 trillion cubic feet. Our rig count jumped from eight in 2021 to 40 in 2025, with a goal of 50 rigs by year-end,” he said.
Crude production grew from 1 million bpd in 2021 to about 1.75 million bpd in 2025. Despite this, Komolafe acknowledged the gap between actual and potential output. He noted that NUPRC actively improves transparency, reduces costs, and collaborates with exploration and production (E&P) companies to close this gap.
The commission adopts advanced oil recovery technology to optimize production. Komolafe also addressed concerns over divestments, assuring that the NUPRC manages them to avoid a Venezuela-like scenario, where crude output dropped from 3.5 million bpd to 1 million bpd.
Komolafe further announced that the Nigeria Gas Flare Commercialisation Programme (NGFCP) would attract $2.5 billion in investment. This initiative will generate jobs and increase revenue.
During a separate panel, Matthieu Bouyer, CEO of TotalEnergies Nigeria, highlighted the company’s cleaner energy efforts. Bouyer noted that TotalEnergies ended routine gas flaring in Nigeria by the end of 2023, becoming the first company to achieve this milestone.
“We reduce methane emissions across all our assets and help NNPC identify and fix methane leaks,” Bouyer said. He emphasized Nigeria’s potential for gas production and export due to its proximity to Europe, a key gas market.
Bouyer urged more investment in Nigeria’s gas sector and stressed the need for better security, particularly in onshore areas, to attract more funding.
Seplat Energy CEO Roger Brown called the recent developments in Nigeria’s oil and gas industry a “new dawn.” He credited the administration’s policies and recent divestment deals with driving progress.
Brown expressed confidence in Nigeria’s ability to increase oil production to between 2.75 million and 4 million bpd. He said the industry now sees stronger alignment among stakeholders than ever before.
The NIES continues in Abuja, gathering key players to discuss the future of Nigeria’s oil and gas industry amid the global energy transition.