Oil rig
Oct. 27, 2021
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is ready to increase Nigeria’s crude oil production from the current level of 1.4 million barrels per day to 2.4 million barrels per day.
This is contained in a statement on Wednesday by Mr. Paul Osu, Head, Public Affairs, who quoted Mr. Gbenga Komolafe, Chief Executive Officer, NUPRC, as disclosing this in his maiden address with staff of the defunct Department of Petroleum Resources (DPR) in Abuja.
According to the statement, Komolafe maintained that the commission, which was recently set up with the passage of the Petroleum Industry Act (PIA), remains the enabler of upstream business in the Nigerian oil and gas industry.
Komolafe said there was need for landmark transformations in the industry which is expected to usher in massive investment in the industry.
He added that it will create enhanced revenue to fund Nigeria’s social budget given the critical nature of the upstream activities to the Nigerian economy.
“Incidentally, we are at a critical and significant moment in the life of the industry whereby energy transition from fossil fuels to cleaner energy is competing with the need for us to raise the bar of our crude oil and gas production from the current level of 1.4 mbbls/d to 2.4 mbbls/d.
Komolafe who solicited the cooperation of all staff of the agency to enable the laying of a solid regulatory foundation said, “Besides, our confidence is elevated by the team spirit and the capability of you all to deliver on the assigned mandate,” Komolafe said.
