Nigeria remains on course to achieve its target of producing 3 million barrels of crude oil per day by 2030, with ongoing reforms, faster regulatory approvals and renewed investment expected to sustain the country’s production recovery.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, who expressed her optimism over the target said key enablers required to unlock higher oil production are already being implemented.
The optimism comes as Nigeria’s crude oil production continues to recover, reaching its highest monthly average in more than four years amid increased investment by both international and indigenous operators.
The NUPRC said regulatory reforms and improved investment conditions are laying the foundation for Nigeria to significantly increase crude oil production over the next five years.
The regulator noted that ongoing reforms are designed to accelerate investment decisions and improve operational efficiency across the upstream oil sector.
The commission also pointed to growing participation by indigenous operators, which now account for a majority of Nigeria’s crude oil production.
Nigeria’s oil production has shown steady improvement in recent months as operators ramp up output and resume development activities across key assets.
According to the NUPRC, average daily crude oil production reached 1.56 million barrels per day in June, representing the highest monthly production level recorded since April 2020.
Earlier this month, ExxonMobil announced plans to commence drilling at a 40,000 barrels-per-day oilfield from August.
Indigenous producer Renaissance Africa Energy also recently announced a new oil discovery, further supporting Nigeria’s production outlook.
Nigerian-owned upstream companies now account for approximately 60% of the country’s oil production, reflecting the growing role of indigenous operators in the sector.
The regulator noted that stronger oil prices have also encouraged producers to reactivate previously dormant wells and increase output. Nigeria has been implementing a series of reforms aimed at reviving investment in the upstream petroleum sector after years of declining production caused by underinvestment, crude oil theft and operational challenges.
President Bola Tinubu’s administration has introduced fiscal incentives, including tax waivers and other investment-friendly measures, to attract fresh capital into the sector.
The Federal Government has also prioritised faster regulatory approvals to reduce project delays and encourage new upstream developments.
Nigeria’s long-term objective is to raise crude oil production to 3 million barrels per day by 2030, while strengthening the role of indigenous operators in driving future output growth.
Nigeria has faced significant challenges in meeting its OPEC production quota in recent years due to crude oil theft, pipeline vandalism, underinvestment, and operational disruptions.
June marked the second consecutive month that Nigeria exceeded its OPEC quota after producing 1.530 million bpd in May 2026
Nigeria on track to double oil output by 2030, Regulator says
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