The Nigerian Upstream Petroleum Regulatory Commission has confirmed that Nigeria’s technical potential for crude oil production stands at 2.24 million barrels per day, as against the current production quota of 1.75mbpd.

It also said the country’s crude oil production increased by 70 per cent from 2021 to date.

This was disclosed by the Chief Executive of NUPRC, Gbenga Komolafe, at the ongoing Nigeria International Energy Summit on Wednesday in Abuja.

In his opening address at the panel session titled, “Imperative of Regulatory Efficacy in Optimisation of Upstream Activities,” Komolafe highlighted that while the country’s current production averages approximately 1.75 million barrels per day, the untapped technical potential remains considerably higher at 2.24 million bpd.

This is due to the non-adoption of cutting-edge oil recovery technologies, significant costs, entry barriers, and the non-optimisation of production processes.

The Commission, he said, is dedicated to closing this gap through various strategic initiatives.

He said, “While our current production averages circa 1.75 million barrels per day, our technical potential is 2.24 million barrels per day. The commission is working assiduously to bridge the gap between the actual production and the potential through actions aimed at improving transparency,  driving collaboration with E&P companies, ensuring financial viability, fast-tracking field developments, adopting cutting-edge improved oil recovery technologies, reducing costs, eliminating entry barriers and optimising production.

“The potential for increased production is immense, and NUPRC is committed to unlocking every opportunity. Our efforts to reactivate shut-in wells and leverage low-hanging fruit opportunities will bring us closer to the actualisation of the Project 1MMbopd additional production target recently launched by the Commission.

We are steadily progressing actions on Advanced Cargo Declaration Solution and Engineering Audit of Upstream Measurement Equipment and Facilities as part of our non-kinetic approach to combat crude theft, eliminate revenue leakage and maximize value.”

Komolafe outlined that NUPRC is committed to enhancing transparency, fostering collaboration with exploration and production companies, ensuring financial viability, and promoting the adoption of advanced technologies aimed at improving oil recovery.

He added that efforts are being made to reduce operational costs, eliminate barriers to entry, and optimize production rates.

“The potential for increased production is immense,” Komolafe noted, stressing that the Commission is focused on reactivating shut-in wells and exploring opportunities in “low-hanging fruits” to help meet the ambitious target of adding 1 million barrels per day to the country’s production capacity.

He also mentioned ongoing efforts to address crude oil theft through the introduction of the Advanced Cargo Declaration Solution and an Engineering Audit of upstream measurement equipment and facilities.

Speaking on the importance of the oil and gas industry to the Nigerian economy, Komolafe pointed out that it remains the country’s economic lifeblood, contributing 95 per cent of foreign exchange earnings and 70 per cent of government revenue.

He emphasised that a visionary and transparent regulatory framework is essential to sustaining the country’s leadership in the global energy sector.

Reflecting on the country’s achievements in the past year, Komolafe noted that oil reserves had increased by 1.43 per cent, reaching 37.5 billion barrels, while gas reserves grew by 0.21 per cent to 209.26 trillion cubic feet.

He further revealed that the country’s rig count has surged from eight in 2021 to 40 in 2025, with projections to hit 50 rigs in the coming months.

Furthermore, production has risen by 70 per cent from 1 million bpd in 2021 to the current 1.75 million bpd.

The Commission, Komolafe said, is working towards an ambitious goal of reaching 40 billion barrels of oil and 220 trillion cubic feet of gas, through the stimulation of exploration activities and accelerated field development.

As part of these efforts, the commission has completed the 2022/2024 bid licensing round, awarding 27 Petroleum Prospecting Licenses across diverse terrains.

Komolafe said the NUPRC has adopted a new approach of annual licensing rounds, supported by high-quality geological and geophysical data in the lead-up to the 2025 bid round.

Komolafe also highlighted that the commission has introduced several innovative regulations, including those aimed at improving hydrocarbon measurement, addressing crude oil theft, and bolstering hydrocarbon accounting practices.

Another key achievement, he noted, is the Nigeria Gas Flare Commercialisation Programme, which is expected to unlock approximately $2.5bn in investments. The initiative promises to generate substantial revenue and create numerous job opportunities.