Nigeria's Oil Production Reaches 1.8 Million Barrels Daily

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported an increase in oil production to 1.8 million barrels per day (mbpd). This announcement was made following a visit by the Minister of Finance, Wale Edun, to the NUPRC headquarters in Abuja on Thursday.

Edun praised the commission for its efforts, particularly in light of the challenges posed by the ongoing crisis in the Middle East, which has affected global oil markets. He urged the NUPRC to strive for a production target of 2 mbpd, emphasizing the importance of sustaining production levels rather than merely reaching a specific target.

The NUPRC's Chief Executive, Oritsemeyiwa Eyesan, noted that production had risen from 1.48 mbpd in February to 1.84 mbpd in March. The commission is also preparing for a licensing round in 2025 and aims to empower local companies by revoking leases on dormant acreage.