Nigeria's Oil Output Reaches 1.8mbpd Amid Reforms

Nigeria's oil production has surged to 1.8 million barrels per day (mbpd), a notable recovery from previous lows, as disclosed by Minister of State for Petroleum Resources, Heineken Lokpobiri. This milestone was announced during the opening ceremony of the 25th Nigerian Oil and Gas Energy Week in Abuja, attended by government officials, regulatory chiefs, and private sector leaders.

The increase is attributed to the elimination of operational bottlenecks under President Bola Ahmed Tinubu's administration, which has fostered a resurgence in drilling activities across the Niger Delta. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported this output level, marking a significant turnaround since June 2022.

Lokpobiri emphasized that no international oil companies (IOCs) have abandoned Nigeria but are reallocating capital to offshore assets. The Nigerian National Petroleum Company Limited (NNPCL) reported an average recovery rate of 98% across its primary crude oil export terminals, with a significant increase in natural gas production as well.