...Edun Applauds Nigerian Upstream Petroleum Regulatory Commission

Nigeria’s crude oil production has climbed to 1.84 million barrels per day, marking a notable increase in output, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced.

The development was disclosed in a statement by the Commission’s Head of Media and Corporate Communication, Eniola Akinkuotu.

Reacting to the milestone, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, commended the Commission for steering the sector towards improved productivity.

Edun gave the commendation when the Commission Chief Executive of NUPRC, Oritsemeyiwa Eyesan, visited the Federal Ministry of Finance headquarters in Abuja.

Describing the achievement as encouraging, the minister said the current output aligns with the economic objectives of President Bola Tinubu, urging the Commission to sustain the momentum.

“It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news and in line with the President’s mandate,” Edun said, adding that the sector must maintain its upward trajectory.

He further challenged the Commission to push production to the 2 million barrels per day benchmark, stressing the importance of consistency and long-term sustainability.

While acknowledging global challenges, including tensions in the Middle East, Edun noted that the directive to ramp up production predates the current crisis.

Earlier, Eyesan reaffirmed the Commission’s commitment to exceeding the current output level, describing the figure as a significant milestone.

She attributed earlier production declines in February to disruptions at key facilities and routine maintenance but said the issues had since been resolved, leading to the recent increase.

Eyesan also disclosed that the 2025 licensing round had progressed to its technical and financial stages, expressing optimism about future growth driven by reforms in the petroleum sector.

She highlighted the impact of provisions in the Petroleum Industry Act, particularly the “drill or drop” policy, which empowers the Commission to revoke dormant oil blocks, thereby boosting active exploration.

According to her, some of the offered acreages could begin production within a year, with indigenous firms demonstrating strong operational capacity.

The NUPRC boss further confirmed compliance with Executive Order 9 of 2026, which mandates the suspension of the 30 per cent Frontier Exploration Fund deductions and directs their remittance to the Federation Account.