… We Will Beat OPEC’s 4MBPD Quota Soon- Lokpobiri
… Ekpo, Kyari Hail NUPRC Initiatives
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched an ambitious move to raise crude oil production to 2.6 million barrels per day.
The commission now targets an additional one million barrels per day through its Project One Million Barrels Per Day Initiative.
The NUPRC launched the project on Monday as it also celebrates its three years of existence as established by the Petroleum Industry Act, 2021.
The Commission’s Chief Executive, Engr Gbenga Komolafe, said the move to raise oil production by extea 1 milloon barrels per day is in line with the president’s mandate for the country to raise its oil output to support he country’s revenue target.
Komolafe said crude oil production has averaged 1.7mbpd, including condensates.
He explained that raising oil output is crucial in the country’s energy sustainability and revenue generation.
Speaking at the event, the Minister of State Petroleum (Oil), Heineken Lokpobiri, said Nigeria can scale up its production, adding that the country achieved over 2.2mbpd in 2020 during COVID-19 pandemic with the same assets.
The Minister said the government is making efforts through policies to raise oil output. He said that, based on records, it is producing 1.7 barrels per day, including condensates.
He urged the NUPRC to speed up efforts, adding that Nigerians can’t wait for two it years. He said,”Nigeria can do more than 2 million barrels in the next few months.”
Lokpobiri said the country needs to be among the countries that are overproducing.
“I want to go to OPEC and argue why Nigeria is given 4mbpd, a country of 200 million. But we have not even done the four million. “
He said the country needs to produce an additional 2-3 million barrels of crude.
The Minister of State Petroleum (Gas), Ekperikpe Ekpo, assured the NUPRC of its unwavering support to boost gas production.
Ekpo said that Nigeria also needs to harness its gas resources as the country transitions to the use of cleaner fuel like Compressed Natural Gas to power vehicles.
Ekpo harped on the role that the country’s abundant gas resources will play in ensuring energy sufficiency and providing revenue for the government.
He said the PIA has remained the instrument driving all the reforms that the NUPRC and other industry agencies have initiated.
“The PIA has empowered the NUPRC to drive reforms and make policies in line with the energy transition goals and economic diversification,” the gas minister said.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari, said that efforts have been made to curb crude oil theft.
But he noted that the industry faces a huge challenge of integrity issues and vandalism.
“The government and security agencies are responding to all of these,” Kyari said.
He noted that the industry is also dealing with infrastructure that is older than 50 years.
According to Kyari, the NUPRC has played a crucial role and has been supporting industry players in achieving their various targets.
“I appreciate Engr. Gbenga Komolafe for doing a great job at the NUPRC. At the NNPC Limited, we are proud of you and your innovation,” Kyari said.
He expressed NNPC Ltd commitment to help the NUPRC achieve its additional 1mbpd target.