Oritsegbubemi Omatseyin
Lagos — The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr. Gbenga Komolafe has emphasised the significance of collaboration towards overcoming challenges and enhancing industry performance, particularly as Nigeria’s economy remains heavily reliant on oil revenues.
The CCE was speaking at the Petroleum Industry Stakeholders Forum held at the Petroleum Technology Development Fund, PTDF, Towers in Abuja where he highlighted the achievements in the sector.
Engr Komolafe noted that there is a 1.45 percent growth in national oil reserves and a 26 percent increase in oil production between April 2023 and November 2024. He also noted a significant reduction in oil theft and deferments by over 40 percent, all achieved through enhanced collaboration with security agencies.
While acknowledging the need to bridge the current production gap of 350,000 barrels per day to meet the 2025 budget’s crude oil production target of 2.062 million barrels per day at $75 per barrel, the CCE mentioned the key initiatives and Focus Areas of the Commission for 2025.
These initiatives include implementation of the million barrels per day incremental production initiative, enhancing hydrocarbon measurement accuracy through metering regulations, the digitization of upstream regulatory activities to ensure compliance and operational efficiency, Achieving optimum unit cost per barrel to boost federal revenue and Conducting licensing bid rounds to bring dormant assets into production.
He added that the Commission remains committed to reducing the carbon footprint of upstream operations and positioning Nigeria as Africa’s energy hub. In line with this, the NUPRC has provided a facility in Abuja to host the Africa Energy Bank, a move expected to create jobs and provide financial support for oil and gas businesses.
Engr Gbenga Komolafe further called for unity and collective action, and reiterated NUPRC’s commitment to fostering a regulatory environment that promotes growth, innovation, and global competitiveness in Nigeria’s upstream petroleum sector.
