The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said that oil theft in Nigeria has significantly reduced to 5,000 barrels per day (bpd), leading to a steady production increase of 1.7 million bpd.
The NUPRC Head of Public Affairs and Corporate Communications, Olaide Shonola, disclosed this in a statement on Sunday.
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The statement said the NUPRC Chief Executive, Gbenga Komolafe, disclosed this when he spoke at the Renewed Hope Global Town Hall conference in Abuja on Saturday, where he highlighted reforms and achievements in Nigeria’s oil and gas sector.
“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,” Mr Komolafe said.
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Speaking on Nigeria’s oil and gas potential and global positioning, he noted that Africa accounts for five of the world’s top oil-producing countries, and Nigeria stands as the continent’s second-largest oil reserve holder and the largest gas reserve holder, with oil reserves estimated at 37.5 billion barrels, while gas reserves stand at 209 trillion cubic feet (TCF).
He added that oil production in Nigeria now averages 1.75 million barrels per day, with a gas production rate of 7 billion standard cubic feet per day (SCFD).
He acknowledged challenges, including oil theft that led to a drastic drop in production to 1.1 million bpd in 2022, adding that the government aims to increase production by 1 million bpd by December 2026 under the Project 1 MMBOPD initiative, leveraging collaboration among operators, service providers, financiers and host communities.
Speaking on the Nigeria Gas Flare Commercialisation Programme (NGFCP), according to the statement, he assured that the project is at the forefront of the country’s energy transition strategy and aims to eliminate routine gas flaring, reduce methane emissions, and encourage carbon capture technologies.
Additionally, he said the carbon credits earning framework seeks to monetise decarbonisation efforts while promoting sustainable energy practices.
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Over the years, crude theft and pipeline vandalism and their negative impact on the country’s economy have been a source of concern to the Nigerian government.
On 2 July 2024, the Nigerian National Petroleum Company Limited (NNPC Ltd) declared a state of emergency on Nigeria’s crude oil production. According to the company, the move aimed to increase Nigeria’s crude oil production and grow its reserves.
Additionally, the Nigerian government approved $21 million for the metering of 187 oil flow stations across the Niger Delta region to promote effective monitoring of the country’s crude oil production and distribution.
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