Nigeria's crude oil output hits 1.84mb/d

Owing to the output increase, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, commended the commission for piloting the petroleum sector to hit a production level of 1.84 mb/d.

Edun said this when the Commission Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, visited the headquarters of the Federal Ministry of Finance in Abuja.

NUPRC's Head of Media and Corporate Communication, Mr. Eniola Akinkuotu, broke the news in a press statement yesterday.

He quoted the minister as saying, “It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news. That is totally in line with the mandate of President Bola Tinubu.

“Clearly, you have started on a very good note. Please keep it up.”

The finance minister described the war in the Middle East as unfortunate but said President Bola Tinubu had mandated an increased production even before the crisis began. He therefore called on the NUPRC to push the industry harder to hit 2mbpd.

“I wish you continued success. What matters is not just reaching certain heights but sustaining them. We don’t want any stopping along the way. The trajectory should be maintained, and of course, the magic figure is 2mbpd,” Edun stated. Speaking earlier, the Commission Chief Executive of the NUPRC said recent daily crude oil production had hit 1.84 million barrels per day.

“We are doing 1.84 million barrels per day. That is a remarkable feat, but I am sure we will do more,” she assured the minister. The NUPRC chief executive attributed the prior dip in production in February to some unfortunate incidents on some strategic facilities as well as turnaround maintenance.

“But all that has been fixed, and we are seeing production ramping up,” Eyesan said. With regards to the 2025 licensing round, Eyesan said the Commission is now in the technical and financial stage. She expressed optimism over the growth of the petroleum sector in the near future, especially because of provisions like the “drill or drop” in the Petroleum Industry Act, which empowers the Commission to revoke leases of dormant acreages.

The NUPRC boss revealed that some of the acreages that were put on offer could see production as soon as a year, adding that indigenous companies were showing an impressive capacity. Eyesan also noted that the Commission had fully complied with Executive Order 9 of 2026, which directs the immediate suspension of the 30% Frontier Exploration Fund (FEF) deduction from profit oil and gas, alongside other management fees and the direct remittance of the same to the Federation Account.