Nigeria On Track to Achieve 2.5 Million Barrels Per Day Oil Production by 2026
Nigeria’s oil production is poised to reach 2.5 million barrels per day by 2026, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The announcement was made by NUPRC Chief Executive, Gbenga Komolafe, at the 4th PENGASSAN and Labour Summit (PEALS 2025) in Abuja.
Komolafe attributed the country’s progress toward the target to the recent Presidential Executive Orders under the Petroleum Industry Act, 2021. These orders have reduced contracting cycles, minimized investment risks, and encouraged upstream projects. Additionally, the commission has been actively engaged in deepwater exploration, reactivation of dormant fields, and adoption of enhanced recovery techniques.
As part of these efforts, the NUPRC recently hosted a Deepwater Technical Stakeholders’ Workshop focused on unlocking over 810,000 barrels per day in new production. Komolafe outlined a cluster development strategy aimed at reducing costs, sharing infrastructure, and strengthening investor confidence.
Regarding sustainability, Komolafe stated that the NUPRC’s Upstream Decarbonisation Framework aims to eliminate routine gas flaring by 2030 and reduce methane emissions by 60% by 2031. Nigeria’s 210 trillion cubic feet of gas reserves will play a crucial role in the energy transition.
Also speaking at the summit, Jagie Baxi, Managing Director of ExxonMobil, highlighted four key factors for boosting Nigeria’s oil production: geology, cost, risk, and reward. Baxi noted that despite the country’s vast hydrocarbon resources, natural production decline, particularly in deepwater operations, remains a challenge. To overcome this, he emphasized the need for risk-adjusted incentives to retain investor interest and urged stakeholders to collaborate on resolving disputes and reviving underperforming fields.
Nigeria’s current oil output has increased from 1.46 million barrels per day in October 2024 to 1.8 million barrels per day, demonstrating momentum toward the 2026 target. Stronger collaboration between government, industry, and labor will be essential to achieving the country’s oil production goals.
The NUPRC’s efforts to increase oil production and reduce environmental impacts align with the Nigerian government’s broader strategy for the energy sector. With ongoing engagement and cooperation among stakeholders, Nigeria is positioned to continue growing its oil production while navigating the challenges of the energy transition.
