The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said the government aims to increase oil production by one million barrels per day (bpd) by December 2026 under the Project 1 MMBOPD initiative by leveraging collaboration among operators, service providers, financiers, and host communities.
The NUPRC boss, who spoke at the Renewed Hope Global Town Hall Conference in Abuja on Saturday, also highlighted reforms and achievements in Nigeria’s oil and gas sector.
He acknowledged challenges, including oil theft, that led to a drastic drop in production to 1.1 million bpd in 2022. He, however, noted that through kinetic and non-kinetic interventions, oil theft has significantly reduced to 5,000 bpd, leading to a steady production increase to 1.7 million bpd.
“Looking ahead, the government aims to increase production by 1 million BOPD by December 2026 under the Project 1 MMBOPD initiative, leveraging collaboration among operators, service providers, financiers, and host communities,” he said.
Speaking on Nigeria’s oil and gas potential and global positioning, he noted that Africa accounts for five of the world’s top oil-producing countries, saying Nigeria stands as the continent’s second-largest oil reserve holder and the largest gas reserve holder, with oil reserves estimated at 37.5 billion barrels, while gas reserves stand at 209 trillion cubic feet (TCF).
Komolafe revealed that oil production in Nigeria now averages 1.75 million barrels per day (BOPD), with a gas production rate of 7 billion standard cubic feet per day (SCFD). On regulatory reforms and achievements, the NUPRC boss stated that since the enactment of the Petroleum Industry Act (PIA) in 2021, the Commission has driven several initiatives to enhance regulatory effectiveness and attract investments. He added that the Commission unveiled its 10-year Regulatory and Corporate Strategic Plan (2023–2033) in May 2023, followed by a Regulatory Action Plan for 2024, detailing key industry reforms.
These reforms, according to him, focus on increasing oil and gas reserves and production, enhancing hydrocarbon accounting transparency, achieving cost efficiency and decarbonisation in upstream operations, ensuring stability in host communities, and reducing the carbon footprint of oil and gas activities.
On the 2024 Licensing Round and Investment Drive, Komolafe said NUPRC launched its 2024 Licensing Round, offering 24 oil and gas assets to investors at roadshows held in Houston, Miami, London, and Paris to showcase Nigeria’s energy potential.
Shedding light on the Nigeria Gas Flare Commercialisation Programme (NGFCP), the CCE assured that the project is at the forefront of the country’s energy transition strategy and aims to eliminate routine gas flaring, reduce methane emissions, and encourage carbon capture technologies.
On Host Community Engagement and Regulatory Transparency, the Commission has incorporated 137 Host Community Development Trusts (HCDTs) to foster local participation and stability in oil-producing regions, just as the Alternative Dispute Resolution Centre (ADRC) has been established to resolve conflicts efficiently, reducing disruptions to oil and gas operations.
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