The Federal Government has unveiled plans to boost Nigeria’s crude oil production by an additional one million barrels per day (bp/d) within the next two years.
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, made this disclosure during an event to mark the 3rd Anniversary of the commission’s on Monday in Abuja.
According to him, the implementation of plans will help to tackle key challenges in the sector, such as oil theft, pipeline vandalism, obsolete infrastructure, attract new investments, enhance the country’s energy output, and contribute to the nation’s sustainable economic growth.
The target is coming despite the reported a dip in the nation’s crude oil production from 1.571 million barrels per day in August to 1.544 million in September, representing a 1.68% decline.
Speaking at the launch of the “Project 1MMBPD” to mark NUPRC’s anniversary, President Bola Tinubu, who was represented at the event by the Secretary to the Government of the Federation, Senator George Akume, emphasized that increasing oil production is key to boosting national revenue and accelerating economic development.
He said: “Project one million barrels per day is a giant step forward for our oil and gas industry, designed to grow sustainably. By enhancing domestic energy security and supporting economic vibrancy, this initiative will ensure Nigeria remains a crucial player in the global energy landscape.”
In his remarks, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, also maintained that the current target of one million barrels per day was insufficient, urging industry stakeholders to aim for higher production levels.
The minister explained: “For a country that once produced over two million barrels per day, the present additional one million target is unacceptable. We should be aiming for 2.5 million in the short term and four million barrels per day in the long term.”
