Nigeria will push for an increase in its oil production quota at the upcoming Organisation of Petroleum Exporting Countries (OPEC) meeting in November, the Minister of State for Petroleum Resources, Heineken Lokpobiri, announced on Tuesday in Abuja.
Currently capped at about 1.5 million barrels per day (bpd), Nigeria’s quota no longer reflects its actual production capacity, which the minister says has risen to around 1.7 million bpd, including condensates. He revealed plans to seek a revision to at least two million barrels per day.
“The OPEC quota is subject to periodic review, and by November, we will make a strong case for Nigeria’s quota to be reviewed upward to two million barrels and above,” Lokpobiri said during an interview with the Nigerian Upstream Petroleum Regulatory Commission’s media team.
Production Rebound and Capacity Gains
The minister attributed Nigeria’s improved output to enhanced security, pipeline integrity, and a more favorable regulatory environment following the Petroleum Industry Act (PIA) enactment four years ago.
“Before, crude pumped into pipelines often didn’t reach export terminals due to theft and vandalism. Today, if you put in crude, you get 100% at the export point,” he explained.
Nigeria’s rig count has increased from about 14 to nearly 50, with expectations for further growth before year-end, signaling rising upstream activity. Additionally, Nigerian indigenous operators like Renaissance and Seplat have significantly boosted production by acquiring assets from global oil majors such as Shell and ExxonMobil.
Strategic Use of Condensates
Lokpobiri highlighted that Nigeria’s output includes condensates, a lighter, higher-value product not counted under OPEC production limits, giving the country flexibility in managing quotas.
“If we do 1.5 million barrels of crude and one million barrels of condensate, we are still within OPEC rules, and this strengthens our position to show capacity above two million barrels,” he said.
Cost Reduction and Energy Transition
While acknowledging Nigeria’s current production costs exceed the global average, Lokpobiri praised President Bola Tinubu’s executive orders for helping reduce costs and improve competitiveness.
“We are taking steps to make production more cost-effective, even though circumstances here differ from places like Saudi Arabia,” he noted.
On Africa’s energy future, the minister emphasized the continent’s need for reliable power and cautioned against abandoning hydrocarbon resources prematurely.
“Africa contributes less than three percent of global emissions. Energy transition must prioritize energy access. We must leverage our abundant hydrocarbons to finance renewable energy development,” Lokpobiri said.
Nigeria’s Role in Regional Energy Governance
Lokpobiri also highlighted Nigeria’s leadership in regional energy policy through the African Petroleum Regulatory Forum, coordinated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“This forum unites Africa’s voice in global energy discussions and advocates for equitable investment and access,” he explained.
With sustained improvements in production and policy stability, Nigeria aims to reach its target of 2.06 million barrels per day by 2025, positioning the country to reclaim a stronger standing within OPEC and on the global oil stage.
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