The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced it aims to increase the country’s oil and condensates production to 2.6 mbbl/d by 2026, marking a significant increase from 2023 production levels which are estimated at around 1.6 mbl/d. The regulator also expects production to attain 1.8 mbbl/d in 2024.
This announcement comes after the Nigerian Government recently said that major oil companies, including TotalEnergies, Shell and ExxonMobil, have committed to invest US$13.5bn in Nigerian hydrocarbons in a short-term timeframe.
NUPRC, whose approval is required for new pipeline routes, said in its 2024-2026 action plan that it would direct development of oil assets to areas less prone to theft and vandalism and provide support for alternative crude oil evacuation routes. Despite being Africa’s largest oil exporter, Nigeria has faced declining production due to crudes theft and pipeline vandalism, as well as underinvestment in the sector.