By Atoyebi Nike
The Federal Government expects crude oil production to rise by about 600,000 barrels per day as new investments boost output in the upstream sector.
The Nigerian Upstream Petroleum Regulatory Commission said the increase would come from 28 new field projects approved in 2025, expected to deliver 600,000 barrels of oil and more than two billion standard cubic feet of gas daily. This would raise output to about 1.89 million barrels per day, up from 1.39 million barrels in September.
Commission Chief Executive Gbenga Komolafe announced the projection at the World Energies Summit in London. He said the projects are backed by 18.2 billion dollars in investment and will help maintain Nigeria’s role as a major energy hub.
Komolafe highlighted reforms under President Bola Tinubu, rising rig activity, and investor confidence. Rig count has climbed from eight in 2021 to 70 this year, while production has grown to about 1.8 million barrels per day.
Major projects include Bonga North worth five billion dollars and the Ubeta Gas Project valued at 500 million dollars. Shell also announced a two billion dollar investment in the HI Field gas project this week, bringing total commitments to over eight billion dollars since 2023.
Komolafe said new laws and policies have improved transparency and investor trust while supporting Nigeria’s gas transition strategy. He invited local and international investors to participate in the upcoming block licensing round.
