Nigeria has the potential to increase its oil production by about 100,000 barrels per day in the next few months, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bashir Bayo Ojulari, has announced. Speaking at the CERAWeek by S&P Global conference in Houston, United States, Ojulari noted that while Nigeria cannot match Saudi Arabia’s scale, it is prepared to contribute to global oil supply.
The NNPC boss made the remarks during an onstage interview when asked if Nigeria could help fill the crude shortfall caused by the ongoing U.S.-Israeli tensions with Iran. “We are building that capacity. We are not like Saudi Arabia. But we can contribute,” he said, highlighting the country’s readiness to play a stabilizing role in the oil market.
Ojulari also revealed that NNPC completed a full portfolio review of its operations last year and has begun implementing changes this year. He emphasized a key focus on improving project execution to ensure that ongoing and future projects are delivered on budget and on schedule, a move aimed at addressing previous delays that have affected production efficiency.
Despite these plans, Nigeria’s oil output has faced challenges in early 2026. Production averaged about 1.6 to 1.7 million barrels per day (mbpd) last year, with a target of 1.8 mbpd for this year. However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a combined crude oil and condensate shortfall of approximately 16.6 million barrels in January and February, with production falling from 50.5 million barrels in January to around 41.6 million barrels in February.
Experts say Nigeria’s planned increase could help stabilize both local revenue streams and international markets affected by geopolitical tensions. By focusing on efficient project delivery and production capacity expansion, the country aims to reclaim its position as a reliable contributor to global oil supply while addressing internal production gaps that have persisted in the early months of 2026.
source: newtelegraph