In Abuja, the 4th PENGASSAN and Labour Summit opened with cautious optimism.
The theme — “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investment and Incremental Production” — captured the industry’s challenge: grow production while pushing sustainability.
NUPRC Drives Momentum
Taking the podium, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, set out a bold vision.
He declared that Nigeria will lift crude oil output to 2.5 million barrels per day by 2026.
To back his claim, Komolafe pointed to fresh gains.
Since October 2024, production has risen from 1.46 million barrels per day to 1.8 million barrels.
He credited the Presidential Executive Orders under the Petroleum Industry Act of 2021 for cutting contracting delays, lowering investment risks, and driving new upstream projects.
Strategy And Sustainability
He then shifted focus to how the Commission drives this momentum.
NUPRC has reactivated dormant fields, launched deeper offshore exploration, and introduced enhanced recovery methods to maximise older wells.
More recently, the Commission convened a workshop with deepwater stakeholders, where participants mapped out how to unlock over 810,000 additional barrels per day.
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Moreover, Komolafe explained how the cluster development strategy now reduces costs, encourages infrastructure sharing, and restores investor confidence.
Yet he reminded the summit that growth cannot come at the expense of responsibility.
He stressed that NUPRC’s decarbonisation framework commits Nigeria to end routine gas flaring by 2030 and cut methane emissions by 60% by 2031.
With 210 trillion cubic feet of gas reserves, he argued, Nigeria will anchor its role in the global energy transition.
Industry Voices Caution
While Komolafe projected momentum, Managing Director of ExxonMobil, Jagie Baxi, sounded a warning.
He noted that Nigeria enjoys rich geology, yet deepwater production keeps falling by roughly 15% each year.
At the same time, high drilling and operating costs continue to block fresh investments.
To overcome these hurdles, Baxi urged industry leaders to design risk-adjusted incentives, settle disputes more quickly, and revive underperforming fields.
As the summit closed, one clear message emerged: Nigeria can reach 2.5 million barrels per day, but only if government, industry, and labour act together — building resilience, driving investment, and balancing growth with sustainability.
