Nigeria has raised its yearly oil and condensate production goal to 2.6 million bpd by 2026, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) announced on Monday.
In 2023, Africa’s largest oil producer saw annual production of around 1.6 million bpd of oil and condensate.
Under its 2024-2026 action plan, NUPRC is targeting assets in areas less prone to vandalism and has created policies to support alternative transport routes for local production.
The commission plans to cut the cost of oil production to around USD 20 per barrel from between USD 25 to USD 40 per barrel with new incentives for oil producers.
Additionally one-off fees to sign exploration blocks are to be reduced.
NUPRC expects oil and condensate production to rise to 1.8 million bpd in 2024.
According to the government, international energy giants have committed USD 13.5 billion in the short term to developing new oil and gas production.
In December 2023, TotalEnergies – the largest oil and gas investor in Nigeria – reaffirmed its commitment to develop key assets under a USD 6-billion investment plan.