EDUN COMMENDS NUPRC OVER SURGE IN OIL PRODUCTION
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By: Fasasi Hammad
Nigeria’s crude oil output has rebounded to approximately 1.84 million barrels per day (mbpd), reflecting a strong recovery, as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the progress.
In a statement issued on Friday, the Commission said Edun gave the commendation in Abuja during a visit by the Commission’s Chief Executive, Mrs. Oritsemeyiwa Eyesan, to the Federal Ministry of Finance.
Describing the development as “fantastic news,” Edun noted that the current production level aligns with President Bola Tinubu’s directive to boost oil output. He urged the Commission to maintain the momentum and push production towards the government’s target of two million barrels per day.
He emphasized that sustaining production levels is just as important as achieving them, stressing the need for steady growth without interruptions.
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Edun also pointed out that while the ongoing Middle East crisis is unfortunate, efforts to increase production were already underway before the situation escalated.
Earlier, Eyesan confirmed the 1.84mbpd output figure and expressed confidence that production would continue to rise. She explained that the dip recorded in February was due to disruptions at key facilities and scheduled maintenance, which have now been resolved.
She added that production is currently on an upward trajectory.
On the 2025 licensing round, Eyesan revealed that the process has reached the technical and financial evaluation stage, with strong interest from indigenous operators. She noted that some oil blocks could begin production within a year, highlighting the growing capabilities of local firms.
She also cited reforms under the Petroleum Industry Act, particularly the “drill or drop” provision, which allows the Commission to revoke inactive oil leases, as a key driver of growth in the sector.
Additionally, Eyesan disclosed that the Commission has fully complied with Executive Order 9 of 2026, which suspends deductions for the Frontier Exploration Fund and other management fees, ensuring direct remittance to the Federation Account.
The improved production figures signal a recovery in Nigeria’s oil sector and raise hopes for increased revenue, provided output is sustained and further expanded.
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