- NUPRC plans to improve hydrocarbon measurement and accounting transparency to address increased production challenges.
- Oil and gas in Nigeria represents 30 per cent and 34 per cent of African oil and gas reserves, respectively.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has disclosed that Nigeria has the potential to produce 2.2 million barrels of oil per day (bpd). This is against the current production of between 1.5 million and 1.6 million. Komolafe stated this yesterday at the 8th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos. The Petroleum Technology Association of Nigeria organised the conference with the theme: “The Next Steps: Accelerating African Content”. The NUPRC boss said oil and gas in Nigeria represents 30 per cent and 34 per cent of African oil and gas reserves, respectively.
He said, “Although the actual national production currently averages 1.33 million barrels of oil per day and 256 thousand barrels of condensate per day, the national technical production potential currently stands at 2.26 million bpd, and the current OPEC (Organisation of Petroleum Exporting Countries) quota is 1.5 million bpd. Thus, the commission is taking strategic measures to arrest some challenges confronting us to boost production and meet the potential,” he said. According to Komolafe, part of the measures by the commission was to improve transparency in hydrocarbon measurement and accounting.
He said the commission engaged in collaborative work programme administration with the exploration and production companies and close monitoring to ensure they meet their work programme obligations. He said that aside from hydrocarbon resources, Nigeria has potential for green and blue hydrogen, solar, wind, biomass, and critical minerals for developing clean energy technologies, as well as a growing population predominated by young people.
Komolafe added that the global energy landscape was currently in a state of rapid change in response to climate concerns. As a result, the oil and gas industry is experiencing crucial changes that will significantly affect the future of global energy. Furthermore, he cited the recently concluded COP28 suggestions on pathways for phasing out fossil fuels, vehemently challenged by OPEC as the cartel reiterated its call for a just, inclusive, equitable and balanced energy transition.