ABUJA, NIGERIA – The Nigerian government is optimistic about increasing the country’s crude oil output to 2.5 million barrels per day by 2026. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced its strategy to achieve this goal by unlocking deepwater potential, reviving dormant fields, and fast-tracking approvals for new projects.
Speaking at the 2025 PENGASSAN Energy and Labour Summit, NUPRC Chief Executive Gbenga Komolafe acknowledged the global shift towards low-carbon energy. However, he stressed that hydrocarbons would remain central to global energy demand for decades to come, particularly in Africa and Asia. Komolafe noted that recent reforms have repositioned Nigeria as an attractive investment destination by reducing contracting cycles from 36 months to six and offering competitive fiscal terms.
The NUPRC has also completed a review of marginal field licenses up for renewal. Komolafe stated that license renewals would be merit-based, with companies assessed on a case-by-case basis to ensure they have met specific milestones. The results of this assessment have been submitted to the Minister of Petroleum for approval, with successful companies expected to have their licenses renewed in the coming weeks.
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