The Nigerian Upstream Petroleum Regulatory Commission, or NUPRC, has cut approval times to revive old oil wells from weeks to hours, Bloomberg reported on March 24, quoting sources familiar with the matter. The news outlet also reported that Nigerian authorities had fast-tracked approvals for evacuations and barges at production facilities and export terminals, which follows claims by the CEO of Nigeria's state-owned Nigerian National Petroleum Corp., Bashir Bayo Ojulari, that the country could see its average output rise from 1.6 million-1.7 million barrels per day to 1.8 million barrels per day before the end of 2026.

Nigerian authorities' efforts to fast-track the revival of old wells and boost production comes as Brent oil prices have risen from $72 to around $100 a barrel since the start of the Iran war. The country's total oil production, which includes both crude and condensate, slipped from 1.64 million to 1.46 million between January and February due to maintenance at Shell's Bonga floating production storage and offloading vessel, but the latter resumed production on March 6 following the completion of works.