Nigeria’s oil production hits 1.84 mbpd in March
Amid rising global crude prices fueled by hostilities involving the US, Israel, and Iran, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Nigeria’s daily crude oil production rose significantly from 1.48 mbpd in February to 1.84 mbpd in March.
The surge earned the Commission high praise from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The development was detailed in a statement released Friday by the NUPRC’s Head of Media and Corporate Communication, Eniola Akinkuotu.
Commendation from the Ministry of Finance
According to the statement, Edun commended the NUPRC during a visit by its Chief Executive, Oritsemeyiwa Eyesan, to his Abuja office on Thursday.
It is heartening that you can tell us that you are doing 1.84 million barrels per day. That is fantastic news and totally in line with the mandate of President Bola Tinubu,” Edun stated. “Clearly, you have started on a very good note. Please keep it up.”
While acknowledging the unfortunate nature of the conflict in the Gulf, Edun noted that President Tinubu had mandated an increase in production long before hostilities began. He urged the NUPRC to push the industry toward a target of 2 mbpd.
“What matters is not just reaching certain heights, but sustaining them,” Edun added. “The trajectory should be maintained; the magic figure is 2 mbpd.”
Overcoming operational hurdles
NUPRC Chief Oritsemeyiwa Eyesan described the current output as a “remarkable feat” and expressed confidence in further growth. Reflecting on the dip in February, she attributed the lower figures to turnaround maintenance and undisclosed “unwelcome incidents” that affected strategic facilities.
“All that has been fixed, and we are seeing production ramping up,” Eyesan assured.
Strategic growth and policy compliance
Addressing the 2025 oil licensing round, Eyesan confirmed that the commission is currently in the technical and financial evaluation stages. She highlighted the “drill or drop” clause in the Petroleum Industry Act (PIA) as a key driver for growth, as it empowers the commission to revoke leases for dormant acreages.
Key highlights from the briefing included:
- Impressive indigenous capacity: Several acreages on offer may begin production this year, with indigenous companies demonstrating impressive capacity.
- Executive order 9: The NUPRC has fully complied with President Tinubu’s Executive Order 9 of 2026.
- Financial reforms: The commission has suspended the 30% Frontier exploration fund deduction from profit oil and gas, ensuring direct remittance to the Federation Account.
