Nigeria is planning to rake in about N84.67tn from the sale of crude oil in 2025.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed that the 2025 budget’s crude oil production target was 2.062 million barrels per day and the plan is to sell the crude at $75 per barrel.
The PUNCH reports that 2.062 million barrels per day translates to about 752.63 million barrels within the 365 days in the year.
At a rate of $75 per barrel, 752.63mbpd will translate to $56.45bn.
With the exchange rate standing at an average of N1,500 to a dollar, Nigeria is projecting roughly N84.67tn as revenue from crude oil sales.
According to a statement by the NUPRC, Komolafe, speaking recently at the Petroleum Industry Stakeholders Forum held at the Petroleum Technology Development Fund Towers in Abuja, acknowledged the need “to bridge the current production gap of 350,000 barrels per day to meet the 2025 budget’s crude oil production target of 2.062 million barrels per day at $75 per barrel.”
He emphasised the significance of collaboration towards overcoming challenges and enhancing industry performance, particularly as Nigeria’s economy remains heavily reliant on oil revenues.
Highlighting achievements in the sector, Komolafe noted that there is a 1.45 per cent growth in national oil reserves and a 26 per cent increase in oil production between April 2023 and November 2024.
He also noted a significant reduction in oil theft and deferments by over 40 per cent.
All these, he said, were achieved through enhanced collaboration with security agencies.
To achieve the 2025 targets, he mentioned the key initiatives and focus areas of the commission for 2025.
These initiatives are the implementation of the million barrels per day incremental production initiative; and enhancement of hydrocarbon measurement accuracy through metering regulations.
Others include digitisation of upstream regulatory activities to ensure compliance and operational efficiency; achieving optimum unit cost per barrel to boost federal revenue and conducting licensing bid rounds to bring dormant assets into production.
Komolafe added that the commission remains committed to reducing the carbon footprint of upstream operations and positioning Nigeria as Africa’s energy hub.
“In line with this, the NUPRC has provided a facility in Abuja to host the Africa Energy Bank, a move expected to create jobs and provide financial support for oil and gas businesses,” the statement explained.
The NUPRC boss further called for unity and collective action, reiterating the commission’s commitment to fostering a regulatory environment that promotes growth, innovation, and global competitiveness in Nigeria’s upstream petroleum sector.
The PUNCH reported that Nigeria’s crude oil revenue rose to about N50.88tn in 2024.
Data obtained from the NUPRC confirmed that Nigeria produced a total of 408,680,457 barrels of crude oil in 2024.
The country had planned to produce 649.7 million barrels of oil through an average daily output of 1.78 million barrels in its 2024 budget but this could not be achieved.
