The federal government has projected a revenue earning of no less than N84.67 trillion from the sale of crude oil in 2025.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, according to a statement by the commission, made this known while addressing the Petroleum Industry Stakeholders Forum held in Abuja.
He disclosed that the 2025 budget’s crude oil production target was 2.062 million barrels per day and the plan is to sell the crude at $75 per barrel.
Komolafe acknowledged the need “to bridge the current production gap of 350,000 barrels per day to meet the 2025 budget’s crude oil production target of 2.062 million barrels per day at $75 per barrel.”
He further emphasised the significance of collaboration towards overcoming challenges and enhancing industry performance, particularly as Nigeria’s economy remains heavily reliant on oil revenues.
Highlighting achievements in the sector, Komolafe noted that there is a 1.45 per cent growth in national oil reserves and a 26 per cent increase in oil production between April 2023 and November 2024.
He also noted a significant reduction in oil theft and deferments by over 40 per cent.
All these, he said, were achieved through enhanced collaboration with security agencies.
To achieve the 2025 targets, he mentioned the key initiatives and focus areas of the commission for 2025.
These initiatives include the implementation of the million barrels per day incremental production initiative; and enhancement of hydrocarbon measurement accuracy through metering regulations.
Others are digitisation of upstream regulatory activities to ensure compliance and operational efficiency; achieving optimum unit cost per barrel to boost federal revenue and conducting licensing bid rounds to bring dormant assets into production.
Komolafe added that the commission remains committed to reducing the carbon footprint of upstream operations and positioning Nigeria as Africa’s energy hub and has in line with this, provided a facility in Abuja to host the Africa Energy Bank, a move expected to create jobs and provide financial support for oil and gas businesses.
The statement quoted the NUPRC boss to have also called for unity and collective action, reiterating the commission’s commitment to fostering a regulatory environment that promotes growth, innovation, and global competitiveness in Nigeria’s upstream petroleum sector.
