The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that the country’s technical crude oil production potential now stands at 2.24 million barrels per day (bpd).
Speaking at the 2025 Nigeria International Energy Summit (NIES) in Abuja on Wednesday, NUPRC Chief Executive Officer, Gbemiga Komolafe, highlighted Nigeria’s significant oil and gas reserves, describing them as a major opportunity for economic transformation.
Komolafe noted that Nigeria’s crude oil production has increased by 70% from one million bpd in 2021 to the current 1.75 million bpd. He further disclosed that between 2023 and 2024, the country’s oil reserves grew by 1.43%, reaching 37.5 billion barrels, while gas reserves increased by 0.21% to 209.26 trillion cubic feet.
“While our current production averages 1.75 million barrels per day, our technical potential is 2.24 million bpd,” Komolafe said. “The commission is working assiduously to bridge the gap between actual production and potential output through actions aimed at improving transparency, enhancing collaboration with exploration and production (E&P) companies, ensuring financial viability, and fast-tracking field developments.”
To optimize crude oil output, Komolafe stated that the NUPRC is implementing key strategies, including the adoption of improved oil recovery technologies, cost reduction measures, elimination of entry barriers, and enhanced production optimization.
He also revealed that Nigeria’s rig count has seen a sharp increase, rising from just eight rigs in 2021 to 40 in 2025, with projections indicating it will reach 50 by the end of the year.
“These accomplishments are not just statistics but serve as key indicators of the vibrancy in the industry, driven by effective regulatory policies,” he added.
Komolafe emphasized that the commission is committed to reaching 40 billion barrels of crude oil reserves and 220 trillion cubic feet of gas through aggressive exploration efforts.
In its bid to attract investments, the NUPRC has successfully completed the 2022/2024 bid licensing round, granting 27 petroleum prospecting licences (PPLs) across different terrains. Plans are also in place for the 2025 licensing round, which will now follow an annual licensing cycle.
“As part of our strategy, the Commission has been acquiring high-quality geological and geophysical data through multi-client service arrangements,” Komolafe explained. “This data will enhance the value of licensing rounds and other critical deals within the industry.”
The NUPRC boss also reaffirmed the commission’s commitment to reactivating shut-in wells and leveraging low-hanging opportunities to meet the goals of ‘Project One MMBOPD,’ an initiative aimed at boosting crude oil output by an additional one million barrels per day.
With these ambitious plans and policies, Nigeria aims to strengthen its position as a leading oil-producing nation and maximize the potential of its vast petroleum resources.