The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed an income of approximately N41.74 trillion from crude oil and condensate production in the first six months of 2026.
The commission accounted that the total crude oil and condensate production in Nigeria for the period under review was approximately 295.18 million barrels at an average of 1.63 million barrels per day. It was worth approximately $28.08 billion, given Bonny Light’s price and exchange rates.
While there was a 1.93 per cent growth in output when compared to the second half of 2025, there was a marginal decrease in production year-on-year since there was a production level of 298.85 million barrels in the first half of 2025.
Read Also: https://theportcitynews.com/2026/07/05/ogoni-leaders-support-fresh-peace-talks/
The analysis on monthly performance shows a mixed bag of results, where there was a positive performance in January with 50.45 million barrels, while there was a decrease in February to 41.55 million barrels as a result of low daily production and fewer days. There was an increase in production in March, which continued rising throughout April, May, and June.
Production by June had risen to about 1.73 million barrels per day, recording four consecutive months of growth and indicating a slow but steady return to normalcy in the upstream industry.
Revenues followed the trend in the international price of oil, where revenues decreased in February, sharply increased in March and April against geopolitical risks, and fell back in May and June as oil prices softened. The overall production for the six months was valued at N41.74 trillion.
This is the gross revenue from the total production of crude, not the net income of the government, which is lower owing to production costs, taxes, royalties, and partnership profits.
According to the Federal Government, the reasons for increased production include improved security, less destruction of pipelines, and improved operational stability within oil facilities.
Read Also: https://theportcitynews.com/2026/07/17/ncc-tightens-mvno-framework-says-46-licences-issued/
Notwithstanding the success recorded, Nigeria’s output continues to struggle in terms of being able to deliver its OPEC target.
Given the government’s target of generating N60.97 trillion from oil in 2026, sustaining output at more than 1.7 million barrels per day during the second half of the year will be vital in helping to achieve this objective and generate foreign currency.
According to the NUPRC, the continued increase in output can be attributed to the improvement in uptime, efficient evacuation of crude, and few disruptions from pipeline problems. The commission explained that all maintenance operations were carried out without adversely affecting output volume.
Although there are still challenges facing the industry, the first six months of 2026 clearly show a steady improvement in the country’s oil production and revenue outlook.
