Nigeria could increase its oil production by about 100,000 barrels per day over the next few months, the head of the state oil company said, as the country looks to boost output and contribute to global supply.
Bashir Bayo Ojulari, group CEO of the Nigerian National Petroleum Company, said the country aims to raise production after averaging between 1.6 million and 1.7 million barrels per day last year. Nigeria is targeting an average of 1.8 million barrels per day in 2026.
Speaking to Reuters on the sidelines of CERAWeek by S&P Global, Ojulari said Nigeria could help offset supply disruptions linked to the ongoing U.S.-Israeli war on Iran.
“We are building that capacity,” he said, while noting Nigeria’s limitations compared to major producers. “We are not like Saudi Arabia, but we can contribute.”
During an onstage interview at the conference, Ojulari said the NNPC completed a full review of its asset portfolio last year and has begun implementing reforms in 2026. He said the company is prioritizing improved project execution, with a focus on delivering operations on time and within budget after previous delays.