Nigerian govt vows to sustain oil production above OPEC quota
The Nigerian government has vowed to sustain its crude oil production above a 1.5 million barrel per day monthly average quota.
Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, disclosed this at the recent Project One Million Barrels Initiative.
In July, Nigeria’s average daily crude production rose to 1,507,000 barrels per day, according to a report by OPEC; this is a 7,000-barrel-per-day increase above the organization’s quota for the country.
Commenting, Komolafe said Nigeria is actively ramping up crude oil production by reactivating dormant fields, fast-tracking regulatory approvals, and enhancing operational efficiencies across the upstream value chain. Komolafe maintained that the current administration had succeeded in raising oil (crude and condensate) from 1.4 mbpd to 1.7 mbpd.
He said the recent increase in oil production by about 300,000 bpd confirmed the government’s efforts to achieve the ambitious 2 mbpd oil output.
“With a clear target of increasing production from 1.46 million barrels per day to 2.5 million bpd by 2026, the initiative has already demonstrated strong momentum with current unreconciled daily production averaging 1.7–1.83 mbpd,” he stated.
Nigerian govt vows to sustain oil production above OPEC quota
