Nigeria’s crude oil production rises to 1.84m bpd — NUPRC

NIGERIA’S daily oil production has climbed to 1.84 million barrels per day (bpd), signalling a recovery from earlier supply disruptions.

Figures from the Organisation of Petroleum Exporting Countries (OPEC) had earlier shown Nigeria’s production dropped to 1.31 million bpd in February, highlighting the scale of the recent recovery.

Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Ms Oritsemeyiwa Eyesan, disclosed the new output level during a visit to the Ministry of Finance headquarters in Abuja on Thursday, noting that production has strengthened significantly.

She said the country is currently producing 1.84 million bpd, describing it as a notable milestone while expressing confidence that output could increase further.

Eyesan attributed the earlier decline in February to operational disruptions at key oil facilities and ongoing turnaround maintenance, which temporarily reduced production levels.

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She added that those challenges have now been resolved, with output picking up as normal operations resume across major assets.

The recovery coincides with a rally in global oil prices, with Brent crude surging by 79.47 percent year-to-date from $60.75 to $109.03 per barrel, boosting revenue prospects for producers.

On the 2025 licensing round, the NUPRC boss said the process has advanced to the technical and financial evaluation stage.

She expressed optimism about the sector’s growth outlook, citing provisions such as the ‘drill or drop’ clause in the Petroleum Industry Act (PIA), which allows regulators to revoke idle oil blocks.

Eyesan added that some of the offered acreages could begin production within a year, noting that indigenous firms are demonstrating strong operational capacity.

She also confirmed that the commission has complied with Executive Order 9 of 2026, which mandates the suspension of the 30 percent frontier exploration fund (FEF) deduction and directs that such funds be remitted directly to the federation account.

The NUPRC had moved to make Nigeria’s oil and gas sector more accessible to serious investors by lowering financial entry barriers and opening 50 oil and gas blocks for bidding in its 2025 licensing round.

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The blocks, spread across five sedimentary basins, will be offered under a new commercial framework that reduces upfront costs while placing greater weight on technical competence, credible work programmes and speed to production.

Ms Eyesan said the revised structure was designed to attract long-term investors, eliminate speculative bidders and reposition Nigeria as a transparent, rules-based upstream destination.