Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, announced that the country has the potential to increase its oil production to 2.5 million barrels per day (bpd) in the short term. This statement came during the launch of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) initiative aimed at adding 1 million bpd to Nigeria’s oil production capacity within the next 12 to 24 months.
As of September 2024, Nigeria’s average daily crude oil production was reported at 1.32 million bpd, which is below its OPEC quota of 1.5 million bpd. The new initiative is designed to boost production significantly, targeting a total output of 2.5 million bpd in two years.
During the launch, Lokpobiri emphasized the urgency of increasing production, stating that Nigeria cannot afford to wait another two years to achieve the additional output. He urged industry analysts and leaders to commit to accelerating growth in oil production, stating, “Ladies and gentlemen, today shouldn’t just be another talk show. It should be a forum where the leadership of the industry will stay committed, and will make the relevant commitments here so that in the short term, we should do 2.5 million bpd, which essentially will be one million additional as we are launching today.”
Lokpobiri further encouraged the NUPRC and NNPC leadership to work collaboratively to reach this ambitious target, asserting that the government has established a conducive environment for the oil industry. He highlighted that all necessary incentives, from onshore to deepwater investment, have been provided to facilitate this growth.
With these efforts, Nigeria aims to revitalize its oil sector and enhance its production capabilities in the face of ongoing challenges within the industry.
