Finance Minister lauds NUPRC as daily production hits 1.84m

Edun described the Middle East conflict as unfortunate, noting Tinubu had already directed increased oil production before the crisis.

He urged the Commission to intensify efforts toward achieving two million barrels per day output.

“I wish you continued success. What matters is sustaining progress. We do not want any interruption along the way.

“The trajectory must be maintained, and the target remains two million barrels per day,” the coordinating Minister of the economy said.

Earlier, Eyesan confirmed that daily crude production had reached 1.84 million barrels.

“We are doing 1.84 million barrels per day. It is a remarkable feat, but we are confident of further growth,” she said.

She attributed February’s production dip to incidents at key facilities and scheduled turnaround maintenance.

“But those issues have been resolved, and production is now increasing steadily,” Eyesan said.

On the 2025 licensing round, she said the Commission was currently at the technical and financial evaluation stage.

Read Also: Nigeria’s crude oil reserves dips to 37.01bb, says NUPRC

Eyesan expressed optimism about sector growth, citing provisions such as the “drill or drop” clause in the Petroleum Industry Act.

She noted the clause empowered the Commission to revoke licences for dormant oil blocks.

She added that some offered acreages could begin production within a year, highlighting strong capacity among indigenous firms.

Eyesan said the Commission had complied fully with Executive Order 9 of 2026.

She explained that the order suspended the 30 per cent Frontier Exploration Fund deduction from oil and gas profits.

The directive also covers other management fees and mandates direct remittance to the Federation Account, she added.

(NAN)