“Nigeria’s Crude Output Now At 1.8 Million Bpd” – Komolafe
- Establishes 137 Host Community Development Trusts (HCDTs) to foster Collaborative Interaction.
- NUPRC Pushes for 250M Cubic Feet Gas Flare Capture to Slash Emissions, Sets 2 Million BPD Goal for Energy Security
Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has called for a collaborative approach to tackling Nigeria’s energy trilemma—balancing energy security, affordability, and sustainability.
Speaking at the 42nd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, Komolafe outlined NUPRC’s initiatives to enhance production and reduce environmental impact.
In his address, Komolafe, represented by NUPRC Executive Director, Development and Production, Mr Enorense Amadasu, praised the vital role of petroleum explorationists in advancing Nigeria’s oil and gas industry, noting that technological progress has strengthened the sector and contributed to economic growth. He emphasized the government’s commitment to creating an investor-friendly environment to drive energy independence and security.
Komolafe announced that NUPRC aims to raise Nigeria’s oil output to 2 million barrels per day by December 2024, surpassing the current OPEC quota of 1.5 million BPD. This target is aligned with Project 1 MMBOPD, an initiative designed to increase production for enhanced energy security. He assured attendees of President Bola Ahmed Tinubu’s support for this goal, as well as for other initiatives to maximize benefits from the nation’s oil and gas resources.
In line with the Petroleum Industry Act (PIA), Komolafe detailed several regulatory frameworks NUPRC has implemented to boost transparency and attract investment. Among these are the issuance of 25 priority regulations, an Upstream Asset Divestment and Exit Framework to manage asset transfers, and a new licensing round for 31 oil and gas blocks to expand reserves and stimulate economic growth.
NUPRC has also enforced the Domestic Crude Supply Obligation (DCSO), ensuring that refineries have access to crude oil, and introduced advanced metering systems to monitor production and combat theft.
Komolafe also highlighted NUPRC’s decarbonization efforts through the Nigerian Gas Flare Commercialisation Programme (NGFCP), which targets the capture of 250 million cubic feet of gas flares daily. This initiative is set to significantly reduce emissions, marking a key step toward Nigeria’s commitment to sustainability and emission reductions.
Komolafe also underscored NUPRC’s dedication to social responsibility. He highlighted the successful creation of 137 Host Community Development Trusts (HCDTs) that foster positive relationships between oil companies and local communities, promoting peaceful coexistence and mutual benefits.
With these robust strategies, Komolafe expressed confidence in Nigeria’s ability to achieve its energy goals and urged industry professionals to support NUPRC’s initiatives for a sustainable energy future.
The 2024 NAPE conference, themed “Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” brought together industry experts and stakeholders to discuss pivotal topics for the future of Nigeria’s oil and gas sector.
