…Celebrates Three Years Of Transformation And Innovation

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially unveiled the Commission’s initiative project to increase Nigerian crude oil production by an additional one million barrels per day (1mbpd) within a short-term period.

The project launching event, recently held in Abuja, Nigeria, was attended by the crème de la crème of stakeholders in the global energy circle. It was jointly slated to mark the commission’s 3rd Anniversary celebration under the leadership of Engr. Gbenga Komolafe, the Commission’s maiden Chief Executive.

Speaking at the event, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission Engr. Gbenga Komolafe, highlighted the NUPRC’s achievements since its formation in 2021, following the enactment of the Petroleum Industry Act (PIA).

With the theme, NUPRC@3, Transformation, Innovation, and Excellence, the CCE reflected on the Commission’s mission to enhance Nigeria’s Upstream Oil and Gas sector through transparency, efficiency, and accountability.

Komolafe emphasized that the NUPRC has strengthened investor confidence by developing 25 priority regulations, 17 of which have been gazetted.

He added that the Commission has also achieved significant growth in Nigeria’s Oil and Gas reserves, with current figures standing at 37.5 billion barrels of Oil and 209.26 trillion cubic feet of Gas. This progress, he says was driven by collaborative efforts with industry stakeholders.

The highlight of the event was President Tinubu’s unveiling of the 1MMBOPD project, which was represented by Senator George Akume, the secretary to the government of the Federation.

Aimed at ramping up Oil production to meet the Presidential target. The initiative, is designed to create solutions and secure alternative funding for production growth, and is seen as critical for Nigeria’s energy security and economic resilience.

Komolafe expressed optimism for the future, encouraging industry stakeholders to continue their collaboration with the government to ensure the sector’s sustainability and growth.

On their part, the State Ministers for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and for Gas, Honourable Ekperikpe Ekpo, both commended the NUPRC for repositioning the Nigerian oil and gas sector, as well as the 1MMBOPD initiative. They urged industry players to take ownership of the projects for actualization.

The Minister of Petroleum Resource (Oil) Sen. Heineken Lokpobiri and Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo present at the event respectively, lauded the initiative as crucial for national development, and urged industry stakeholders to work together to meet the set production goals within the specified timeline.

“Nigeria has the capacity to ramp up crude oil production above 2.5mbpd, provided we drive more investment into the oil sector and create a conducive operating environment for investors, of which we have been active on. I stated this at the launch of the Project 1MMBOPD Initiative, marking the 3rd anniversary of the NUPRC,” Lokpobiri said

“With our current production level stands at approximately 1.7 mbpd, including condensates, and given the infrastructure and capacity available, we have the potential to surpass this target with collaboration between Government, industry leadership and the private sector as we implement the PIA to boost investor confidence and foster an environment where investments can thrive,” Lokpobiri continued.

“Our indigenous private sector can pool resources to invest in underutilized oil wells, fields and other shores, and compete with the IOCs who are going deep offshore. By prioritizing problem-solving actions and working together, we can fully realize the potential of Nigeria’s oil industry and accelerate the nation’s economic transformation,” He added.

The NUPRC was created in 2021 by the Petroleum Industry Act (PIA) as the new petroleum upstream regulatory agency in place of the defunct Department of Petroleum Resources (DPR) with the appointment of Engr. Gbenga Komolafe the maiden Chief Executive Commissioner.