The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bayo Ojulari, has said Nigeria could increase its crude oil production by about 100,000 barrels per day in the coming months.
Ojulari made the statement while speaking to Reuters on the sidelines of the CERAWeek by S&P Global conference in Houston, Texas, United States.
According to him, the country is currently building the necessary capacity to achieve the increase in output, although he noted that Nigeria’s production capacity cannot be compared with that of Saudi Arabia.
He explained that the national oil company had conducted a comprehensive review of its business portfolio last year and has started implementing key changes in 2026.
Ojulari said the reforms are aimed at improving project execution and ensuring that oil and gas projects are delivered on schedule and within budget, addressing delays that had previously affected the sector.
Nigeria’s crude oil production declined to about 1.31 million barrels per day in February, according to data from the Organisation of the Petroleum Exporting Countries.
The drop in output occurred at a time when global crude oil prices rose above $100 per barrel earlier in March, raising concerns about lost revenue opportunities for the country.
However, oil prices later dropped to around $96 per barrel after Donald Trump announced that the United States would delay potential military strikes against Iranian power plants and energy infrastructure for five days.
