This rise in Nigerian production, coupled with increased output from Iran despite U.S. sanctions, contributed to an overall increase in OPEC’s February production. Nigeria’s overproduction is a notable shift after years of underproduction due to oil theft, pipeline vandalism, and delays in launching new projects. However, recent government efforts to combat theft and support oil and gas development have begun to yield results.
Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced last month that the government aims to boost the country’s oil production by 1 million bpd by December 2026, raising output from the current 1.75 million bpd to 2.75 million bpd. Speaking at a town hall conference in February, Komolafe highlighted that losses from oil theft have declined by 5,000 bpd, with current production stabilizing at around 1.75 million bpd.
Oil theft and pipeline vandalism have long plagued Nigeria’s oil and gas industry, forcing major international companies to exit and frequently causing force majeure at key export terminals. However, the government’s crackdown on theft and its commitment to regulatory certainty and investment-friendly policies are beginning to restore confidence in the sector.
“Nigeria is more ready for business than ever,” Komolafe said, emphasizing the government’s focus on collaboration among operators, service providers, financiers, and host communities under the “Project 1 MMBOPD” initiative to achieve its production targets.