The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Nigeria’s oil production surpassed 1.8 million barrels per day in July, with an average production rate of 1.78 million barrels per day.
Gbenga Komolafe, Chief Executive Officer of the commission , told delegates at an energy conference that the output increase, largely possible due to the step-up in security operations, is part of a push to boost oil production by 1 million bpd to 3 million bpd.
The West African country, Africa’s largest oil producer, relies on crude oil for nearly two-thirds of government revenue and over 80% of foreign currency earnings, making production gains critical for stabilizing its economy.
Persecondnews recalls that widespread oil theft, unrest and other challenges had curtailed output and strained public finances before a crackdown in the oil-rich Niger Delta region on the economic saboteurs.
Komolafe said that the commission will keep collaborating with stakeholders to maintain production progress and enhance transparency within the industry.
Leave a comment