The Nigerian Upstream Petroleum Regulatory Commission has confirmed that Nigeria’s technical potential for crude oil production stands at 2.24 million barrels per day, as against the current production quota of 1.75mbpd.
It also said the country’s crude oil production increased by 70 per cent from 2021 to date.
This was disclosed by the Chief Executive of NUPRC, Gbenga Komolafe, at the ongoing Nigeria International Energy Summit on Wednesday in Abuja.
In his opening address at the panel session titled, “Imperative of Regulatory Efficacy in Optimisation of Upstream Activities,” Komolafe highlighted that while the country’s current production averages approximately 1.75 million barrels per day, the untapped technical potential remains considerably higher at 2.24 million bpd.
This is due to the non-adoption of cutting-edge oil recovery technologies, significant costs, entry barriers, and the non-optimisation of production processes.
The Commission, he said, is dedicated to closing this gap through various strategic initiatives. He said, “While our current production averages circa 1.75 million barrels per day, our technical potential is 2.24 million barrels per day.
