Nigeria’s hope of meeting its 2.06 million barrels per day crude oil production benchmark in the 2025 budget received a boost in July, with the country exceeding 1.8 million bpd peak output for the first time this year, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said yesterday.
The 2025 national budget, pegged at about N55 trillion, was built on an assumed oil production of about 2.06 million bpd (including condensate) and a benchmark crude price of $75 per barrel.
The government expects oil revenues to contribute roughly N19.6 trillion of revenue from the oil sector, an aspiration that has been hobbled by underproduction of hydrocarbons.
Speaking at the ongoing Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos, the Chief Executive of the NUPRC, Gbenga Komolafe, noted that during the month of July, Nigeria’s average production hovered around 1.78 million bpd.
His speech was themed: “Building a Sustainable Energy Future: Leveraging Technology, Supply Chain, Human Resources and Policy.”
