By Ayomide Otitoju
Bashir Bayo Ojulari, Group Chief Executive Officer of Nigerian National Petroleum Company Limited, has said Nigeria could raise oil production by about 100,000 barrels per day in the coming months.
Ojulari disclosed this in an interview with Reuters on the sidelines of the CERAWeek by S&P Global in Houston, noting that while Nigeria cannot match the output capacity of top producers like Saudi Aramco, it remains positioned to contribute to global supply amid disruptions linked to tensions involving the United States, Israel, and Iran.
He said Nigeria, which averaged between 1.6 million and 1.7 million barrels per day in 2025, is targeting an average production of 1.8 million barrels per day in 2026, adding that efforts are underway to build the required capacity.
Ojulari also revealed that NNPC completed a comprehensive portfolio review last year and has begun implementing reforms aimed at improving project execution, ensuring timely delivery, and reducing cost overruns.
His remarks come against the backdrop of a production shortfall recorded in the first two months of 2026. Data released by the Nigerian Upstream Petroleum Regulatory Commission showed that Nigeria produced a combined 92 million barrels of crude oil and condensate in January and February, falling short of the budgeted 108.6 million barrels by about 16.6 million barrels.
In January, total output stood at 50.5 million barrels, below the projected 57 million barrels, with daily production averaging 1.63 million barrels per day—around 210,000 barrels below target. Output declined further in February to approximately 41.6 million barrels, with daily production dropping to 1.48 million barrels per day, widening the gap to about 360,000 barrels per day.
Crude oil production remained the dominant component, averaging 1.46 million barrels per day in January before declining to about 1.31 million barrels per day in February. Condensate production provided modest support, averaging just over 116,000 barrels per day in January and about 122,000 barrels per day in February.
The shortfall comes at a time when global oil prices have rebounded, offering an opportunity for increased revenue. Brent crude rose above $100 per barrel, trading at $102.84, while West Texas Intermediate climbed to $91.20, following market reactions to comments by Donald Trump on developments in U.S.-Iran relations.
