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Nigeria Plans to Raise Oil Output to 2.6mbpd By 2026

OIL

Nigeria is planning to raise its annual oil and condensate production target to 2.6mbpd by 2026, up from levels around 1.6mbpd in 2023, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said, cited by Reuters.

  • The Commission said oil majors have committed to invest $13.5bn in the short term following meetings between senior executives from TotalEnergies, Shell and Exxon Mobil and Nigeria’s president.
  • Oil production was expected to rise from 1.8mbpd this year and progress to 2.6mbpd in 2026, the NUPRC said.

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