- NUPRC plans to reactivate shut-in wells as part of its initiatives to enhance oil and gas production in Nigeria.
- The ongoing mini-bid round for seven deep offshore Petroleum Prospecting Licences (PPLs) will boost the nation’s reserves.
The Nigeria Upstream Petroleum Regulatory Commission has said oil and gas production in Nigeria will increase in the coming months. NUPRC disclosed plans to reactivate shut-in wells as part of its initiatives to enhance oil and gas production in Nigeria.
The Chief Executive Officer (CEO) of NUPRC, Gbenga Komolafe, made this known at the NAEC Yearly International Strategic Conference 2023. The Association of Energy Correspondents of Nigeria (NAEC) in Lagos organised the conference. The conference was themed “Nigeria’s Energy Transition: Enhancing Investment Opportunities and Addressing Challenges in the Oil and Gas Sector.”
The Head of the National Oil and Gas Excellence Centre (NOGEC) Department at NUPRC, Abel Nsa, represented Komolafe. The NUPRC boss stated they are optimistic about witnessing a noticeable increase in the national oil and gas production volumes over the next few months. He disclosed an ongoing mini-bid round for seven deep offshore Petroleum Prospecting Licences (PPLs). He said the bid is in order to boost the nation’s reserves and benefit Nigeria and other stakeholders.
In terms of reducing unit costs per barrel and increasing revenue, he expressed the commission’s commitment to significantly reducing the cost of doing business in the upstream petroleum industry. “NUPRC has also begun a review of all Crude Handling Agreements (CHA) to promote transparency and competitiveness, thereby reducing the cost of production while increasing government revenue from the sector,” he said.
In addition, the commission reiterated its plans to introduce advanced cargo declaration to tackle oil theft. This is in a bid to reactivate dormant oil wells to boost production. Consequently, this initiative aims to ensure that crude oil and gas cargoes exported from Nigeria have a unique identifier that confirms all documentation regarding the exported consignment.