Nigeria’s crude oil production has increased to more than 1.8 million barrels per day (bpd), according to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
The minister disclosed this on Tuesday while declaring open the 25th Nigerian Oil and Gas (NOG) Energy Week in Abuja. He said the latest weekly production report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the country had surpassed the 1.8 million bpd mark.
Lokpobiri also announced that the Federal Government has engaged global consulting firm PwC to undertake a comprehensive review and benchmarking of more than 270 fees, taxes and levies applicable across Nigeria’s oil and gas industry. He said the exercise is aimed at streamlining the sector’s fiscal framework and improving its competitiveness.
According to the minister, Nigeria was producing about one million barrels of crude oil per day when he assumed office in August 2023, following a directive by President Bola Tinubu to address operational and regulatory constraints affecting the industry.
He attributed the increase in production to a combination of policy reforms, improved investor confidence under the Petroleum Industry Act (PIA), and the completion of several major asset divestments by international oil companies.
Lokpobiri said the number of active drilling rigs had risen from about 14 in 2023 to more than 60, reflecting increased upstream investment activity.
He noted that recent transactions had seen Renaissance acquire Shell’s onshore assets, Seplat complete the acquisition of ExxonMobil’s onshore business, and Oando finalise the acquisition of the Nigerian Agip Oil Company’s assets.
The minister added that indigenous companies now account for more than 60 per cent of Nigeria’s daily crude oil production. He also maintained that international oil companies had not exited the country but had largely shifted their investment focus to deep offshore operations.
