“As of July 23, 2024, Nigeria’s average daily production stands at 1.61mbpd,” he disclosed.

This is coming barely two weeks after the commission announced that the average daily oil production for June was 1.25mbpd.

According to Komolafe, Nigeria had continued to dominate as Africa’s largest producer of crude oil, boasting proven reserves of 37.50 billion barrels and a production capacity of approximately 2.19mbpd.

On the statutory mandates and regulatory strategies of the NUPRC, he said the Petroleum Industry Act 2021 grants the commission several statutory mandates in the areas of calibration and certification of metering systems and equipment, publication of reports and statistics on upstream operations, regulatory oversight and issuance of quality and quantity certificates for exports, and determination of fiscal prices for crude oil and condensate.

Komolafe added that the strategies of the commission aimed to optimise production, enhance regulatory oversight, and ensure accurate measurement and accounting.

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