Wale Edun
Bolatito Mercy
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to intensify efforts to achieve and sustain crude oil production of 2 million barrels per day (bpd). This call was made during a meeting with the NUPRC Chief Executive, Oritsemeyiwa Eyesan, at the Ministry of Finance headquarters in Abuja.
Edun commended the commission for recent gains in output, noting that the current production level of 1.84 million bpd aligns with the administration’s targets. He stressed the need to sustain this momentum, emphasizing that consistency in output is critical to Nigeria’s fiscal stability.
Eyesan attributed the earlier dip in production in February to disruptions at key facilities and scheduled turnaround maintenance, but noted that these issues have been resolved, and production is ramping up. She expressed confidence that higher production levels are achievable, highlighting the commission’s compliance with Executive Order 9 of 2026, which directs the suspension of the 30% Frontier Exploration Fund deduction.
The NUPRC is also working to reactivate dormant oil wells, expedite regulatory approvals, and boost operational efficiency through its Project One Million Barrels Initiative. This initiative is part of Nigeria’s broader plan to increase oil production to 2.5 million bpd by 2026.
The Petroleum Industry Act (PIA) has been instrumental in repositioning Nigeria’s oil and gas industry for growth, transparency, and sustainability. The NUPRC has issued 19 key regulations to operationalize the Act, strengthen investor confidence, and create a stable environment for exploration and production growth.
Nigeria’s oil production had previously dropped to 1.31 million bpd in February, but the NUPRC is optimistic about increasing output, citing reforms and regulatory interventions that are restoring investor confidence and driving gradual output recovery .
The commission is also focusing on decarbonization, digital transformation, and simplifying regulatory processes to improve efficiency. With these efforts, Nigeria aims to attract fresh capital, ensure financial viability of upstream projects, and align its operations with global sustainability standards.
