Nigeria could increase its crude oil production by about 100,000 barrels per day (bpd) over the next few months.
This is according to the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC Ltd), Bashir Bayo Ojulari.
The disclosure was made during an interview with Reuters on the sidelines of the CERAWeek by S&P Global conference in Houston.
The planned increase comes as Nigeria seeks to strengthen output and contribute to global supply amid ongoing geopolitical tensions affecting oil markets.
What the GCEO is saying
Ojulari said Nigeria is gradually building capacity to boost production, although it may not match the scale of leading oil producers.
- “We are building that capacity,” Ojulari said.
- “We are not like Saudi (Arabia), but we can contribute.”
He noted that Nigeria averaged about 1.6 million to 1.7 million bpd last year.
The country is targeting an average production of 1.8 million bpd in 2026.
He added that the production increase could help offset supply disruptions linked to global conflicts, including tensions involving the U.S., Israel, and Iran.
Backstory
NNPC has been implementing strategic reforms aimed at improving efficiency and boosting output across its operations.
- The company completed a full portfolio review of its business in 2025.
- It is now focusing on improving project execution and delivery timelines.
- Efforts are being made to ensure projects are completed on budget after previous delays.
- The reforms are part of broader initiatives to strengthen Nigeria’s oil sector performance.
These changes are expected to enhance operational efficiency and support incremental production growth.
What you should know
Nigeria’s oil sector continues to face production challenges despite ongoing reforms and investment plans.
- Crude oil production fell to 1.31 million bpd in February 2026, according to data from the Organisation of Petroleum Exporting Countries (OPEC).
- Nairametrics also reports that Nigeria’s crude oil production rose to 1.459 million barrels per day (bpd) in January 2026,
- Government revenue performance is closely tied to production volumes and global oil prices.
- Sustained output growth could strengthen external reserves and reduce fiscal strain.
The Federal Government adopted a 2.6 million bpd oil production benchmark for 2026, but will use a more conservative 1.8 million bpd for budgeting.
NNPC Ltd plans to develop new oil fields from 2026.
The company is targeting at least $30 billion in investment by 2030.
Earlier, Nairametrics reported that NNPC Limited has launched a bid process to sell stakes in some of its oil and gas assets, signaling a push to optimise its portfolio.
NNPC Ltd owns some assets outright and others with partners such as Shell, Chevron, Eni, and TotalEnergies, but has yet to disclose the stake sizes or funds sought.
