The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the country’s technical crude oil production capacity stands at 2.24 million barrels per day (bpd).
The Commission’s Chief Executive Officer, Gbenga Komolafe, made this revelation on Wednesday in Abuja during the 2025 Nigeria International Energy Summit (NIES).
He emphasized that Nigeria’s vast oil reserves present a crucial opportunity for economic growth and transformation.
Komolafe noted that Nigeria’s crude oil production has increased by 70%, rising from 1 million bpd in 2021 to 1.75 million bpd in recent years.
He further highlighted a 1.43% growth in oil reserves to 37.5 billion barrels and a 0.21% increase in gas reserves, which now stand at 209.26 trillion cubic feet.
He said, “While our current production averages 1.75 million barrels per day, our technical potential is 2.24 million bpd.
To close the gap between actual output and technical potential, Komolafe outlined several strategic initiatives, including enhancing transparency in the oil sector, strengthening collaboration with exploration and production (E&P) companies, fast-tracking field developments and ensuring financial viability, deploying advanced oil recovery technologies to boost production and reducing operational costs and removing barriers to investment.
The NUPRC chief also revealed that Nigeria’s rig count has seen a remarkable increase, jumping from eight rigs in 2021 to 40 rigs in 2025, with projections to reach 50 rigs by year-end.
He described this growth as a testament to the effectiveness of regulatory policies, which have fostered a more vibrant and resilient industry.
As part of Nigeria’s long-term energy strategy, the NUPRC is pushing towards achieving 40 billion barrels of crude oil reserves and 220 trillion cubic feet of gas reserves, with policies aimed at stimulating exploration and fast-tracking field development.
Komolafe also confirmed that the 2022/2024 bid licensing round was successfully completed, resulting in the award of 27 Petroleum Prospecting Licences (PPLs) across various terrains.
Additionally, preparations are underway for the 2025 bid round, with a newly introduced annual licensing framework designed to attract more investors.
“The Commission has been acquiring high-quality geological and geophysical data through multi-client service arrangements,” he explained.
This data-driven approach, he added, ensures that investors have seamless access to critical geological information, thereby enhancing decision-making during licensing rounds and boosting Nigeria’s oil and gas prospects.
As part of its drive to maximize production, the NUPRC is working on reactivating shut-in wells and capitalizing on low-hanging production opportunities.
These efforts align with ‘Project One MMBOPD’, an initiative designed to increase crude oil production by an additional one million barrels per day.
Komolafe reiterated the Commission’s commitment to sustaining growth in the oil and gas sector, positioning Nigeria as a leading player in the global energy market.
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