The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled first half 2025 crude oil production forecast of producing oil companies and the refining requirement of functional refineries in Nigeria.
A report by the commission’s Chief Executive, Engr. Gbenga Komolafe, stated that the move is pursuant to Section 109 of the Petroleum Industry Act (PIA), 2021 and it is aimed at effective capacity utilization of the nation’s domestic refineries by ensuring a consistent supply of crude oil.
This comprehensive data provides insights into the projected crude oil needs for the refineries, crucial for understanding the energy landscape in Nigeria for the first half of 2025.
The forecasted daily crude requirement for refineries which is 770,500 barrels of oil per day (bopd), is about 37 per cent of the forecasted first half 2025 average daily production of 2,066,940 bopd. However, last October, NUPRC launched Project one million barrels, which is expected to favourably impact the national production. NUPRC is leveraging the capacity of upstream operators to meet the target daily production of 2,500,000 bopd in the short term.
This strategic initiative aligns with Nigeria’s commitment to bolstering its domestic refining capacity and ensuring the sustainability of its oil industry. The first half of 2025 is expected to witness increased synergy between local refineries and producing companies, setting the stage for a more robust and self-reliant petroleum landscape in Nigeria.
