The federal government is set to activate 50 oil wells by March this year as part of efforts to achieve a crude output of 2.5 million barrels per day (bpd) by the end of 2025.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, announced this goal while speaking in a panel session at the Heirs Energies Leadership Forum in Abuja, on Thursday.
He highlighted that Nigeria’s current production has improved, reaching approximately 1.75 million bpd, and emphasised the need to bridge the gap to meet the target of 2.5 million bpd by activating additional wells and improving operational efficiency.
The NUPRC’s strategic plan includes leveraging existing resources and enhancing partnerships with local refineries, aiming for a more self-reliant petroleum sector. This initiative is expected to significantly contribute to Nigeria’s economy, which heavily relies on oil revenues.
Komolafe said funding has been identified as one of the factors to be put in place to hit the target.
He said presently Nigeria is producing 1.75mbl. “So, for now, we are operating at about 1.75 million barrels,” said the NUPRC boss.
Komolafe further said, ” Going forward, the Commission has a line of sight on how to get to our target production of 2.5 million barrels per day.
“And in doing that, we have identified the key initiatives to actually achieve that target.
“We have identified the candidate wells that needs to be reactivated, that needs to be re-entered. And of course, we recognise that funding is key as part of the factors that needs to be put in place.”
According to him, 38 oil well have been opened with the high hope of opening 50 wells between March and end of 2025.
He said, “Part of what we’ve done, equally, is to facilitate the situation we are in.The funders have been working.
We have set up a platform there. All the key actors, the funders, the rig owners, all of them, interact with the larger initiatives.
“As of now, we have reached our target of 38 wells. And I want to say that, from the way we are driving the project, we believe that between now and the end of March, we should be achieving about 50 wells. Between now and the end of March, that is our intention.”
He said part of the measures are the regulatory reforms, and is driving the industry effectively by ensuring
digitisation of the Commission licensing and approval processes.
He said the digitisation of the process will culminate in the reduction of delays and enhancing reduction in the cost of operations.
“That is speaking of licensing and approval processes itself translate, of course, automatically to efficiency in operations by reducing delays, reducing delays will reduce cost of operations that is overhead. So we are doing that and getting positive feedback from the industry,” he said.
He said although the commission is relying on its relationship with the host community to boost production, it is also targeting an increase of production from the oil locked offshore areas.
Komolafe said the NUPRC is coming up with initiatives to encourage coastal infrastructure to boost crude oil production.
He said, “As part of our processes, rather than just relying on people in the community, as part of the issue, the Commission is putting in place to ensure that the industry achieves the targeted product.
“And apart from that, the industry will need to witness that we are concerned that a lot of our capacity to increase our production is locked in offshore areas.
“And for that, we are coming up with an initiative whereby the Commission will encourage coastal development in a manner to address the infrastructural challenges.
“So we are going to come up with an initiative in which development can be done in coasts that will leverage the economies of landscape. So all these activities that the Commission is backing up at least to ensure that we meet our targeted product.”
On his own, the minister of state for Petroleum Resources (Oil) Heineken Lokpobiri also stressed that the federal government’s target is a minimum of 2.5mb/d in 2025.
The minister said, “I’m looking forward to engaging in the next few weeks with all operators. Marginal, major operators, to show us their production plan. By the time we embark on that campaign, collaboratively, the target will be achieved and surpassed.
“I want to say that the 2.5 million barrels target today is not too much.”
He recalled that Nigeria produced 1.8mb/d in January 2025.
He said the federal government is deploying technologyto reduce the corruption that had drawn the sector backward.
He was optimistic that investment would certainly come to the industry.
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