Tuesday, 18 February 2025 04:49

Oil production rises to 1.7m bpd as theft reduces drastically - FG

Rate this item
(0 votes)

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a significant reduction in oil theft across the country, with daily losses now at approximately 5,000 barrels per day (bpd). This improvement has contributed to a steady increase in oil production, which now stands at 1.7 million bpd.

NUPRC Chief Executive Gbenga Komolafe shared these developments in Abuja on Saturday, according to a statement released by Olaide Shonola, Head of Public Affairs and Corporate Communications at NUPRC.

"Through kinetic and non-kinetic interventions, oil theft has significantly reduced to 5,000 bpd, leading to a steady production increase to 1.7 million bpd," Komolafe stated.

Komolafe highlighted Nigeria's position in the global oil and gas sector, noting that the country holds Africa's second-largest oil reserves at an estimated 37.5 billion barrels, while maintaining the continent's largest gas reserves at 209 trillion cubic feet (TCF). Current oil production averages 1.75 million barrels daily, with gas production at 7 billion standard cubic feet per day (SCFD).

Acknowledging past challenges, Komolafe referenced the drastic decline in production to 1.1 million bpd in 2022 due to oil theft. The government has now launched the Project 1 MMBOPD initiative, aiming to increase production by an additional 1 million bpd by December 2026. This project focuses on collaboration between operators, service providers, financiers, and host communities.

The Nigeria Gas Flare Commercialisation Programme (NGFCP) remains central to the country's energy transition strategy, according to Komolafe. The program focuses on eliminating routine gas flaring, reducing methane emissions, and promoting carbon capture technologies, while the carbon credits earning framework seeks to monetize decarbonization efforts.

The positive developments come after the Nigerian National Petroleum Company Limited (NNPC Ltd) declared a state of emergency on crude oil production on July 2, 2024, with the goal of increasing production and growing reserves. The government has also approved $21 million for metering 187 oil flow stations throughout the Niger Delta region to enhance monitoring of crude oil production and distribution.​​​​​​​​​​​​​​​​

June 24, 2025

Oil prices fall to over one-week lows as Trump announces Israel-Iran ceasefire

Oil prices tumbled on Tuesday to their lowest level in more than a week as…
June 25, 2025

Tinubu’s controversial biography reignites as Atiku disputes claim of Belarusian ‘schoolmate’

President Bola Tinubu’s already controversial academic record has come under renewed scrutiny following his recent…
June 23, 2025

The reason even successful people struggle to get out of bed some days

Sometimes after a long, productive day, I only have the energy to scroll on social…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 25, 2025

Over 40 security operatives killed by bandits in Zamfara, Daily Trust reports

One of Nigeria’s most notorious bandit kingpins, Kachalla Bello Turji, reportedly killed more than 40…
June 25, 2025

Israel Vs Iran: Here’s what to know after Day 12

Fragile ceasefire holding, Trump envoy says peace talks with Iran 'promising' The ceasefire brokered by…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.