The Group CEO of the Nigerian National Petroleum Company has stated that Nigeria could increase crude oil production by 100,000 barrels per day in the next few months, signalling near-term growth potential in the country’s upstream sector, as reported by Reuters.
Speaking at the CERAWeek by S&P Global conference in Houston, the CEO noted that Nigeria’s current output averaged between 1.6 million and 1.7 million bpd, with a target of reaching 1.8 million bpd this year if planned improvements are sustained.
The anticipated increase is tied to ongoing efforts to improve operational efficiency, infrastructure reliability, and project execution, following a comprehensive review of NNPC’s business portfolio aimed at addressing past delays and inefficiencies.
Analysts say the projected output growth comes at a critical time, as Nigeria seeks to maximise revenue amid global supply uncertainties, while also working to overcome longstanding challenges such as oil theft, pipeline vandalism, and underinvestment in the sector.
