Abuja — The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has said that the current quick-win interventions by the organisation and industry stakeholders could boost Nigeria's oil production by about 900,000 barrels per day in the short term.
He stated that the commission was doing this by working with operators to identify candidate wells and appropriate interventions to achieve increased production, while focusing on shut-in wells that could easily be revived.
Komolafe spoke at the special quarterly oil and gas industry dinner organised by the Lagos Petroleum Club on the topic: "Nigerian Upstream Petroleum Sector: Value Optimisation, Energy Transition, and Regulatory Perspectives."
Pursuant to achieving the projection, the chief executive said a committee was inaugurated on June 23, 2022, to conduct an industry-wide study on the reactivation of shut-in strings, adding that a report submitted included recommendations for quick-wins, medium and long-term initiatives to enhance national oil and gas production volumes.
"Findings in the report revealed that over 900,000 barrels of oil per day could be realised from the quick win interventions, while the medium and long-term initiatives could potentially add about 1.2 million barrels of oil per day, if properly and fully implemented," he stated.
The upstream petroleum industry regulator said it will continue to focus its attention and resources on achieving its mandate to sustain the development of the country's petroleum industry, despite current challenges.
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According to Komolafe, the NUPRC is committed to increasing Nigeria's oil and gas reserves and production, developing a transparent approach to hydrocarbon accounting, and attaining operational efficiency and effectiveness in the industry operations.
"In addition, the commission is committed to facilitating peace and harmony in the host communities to guarantee a conducive operating environment for investors, positively impact on operating cost and attraction of more investment opportunities," he noted.
While highlighting some of the recent activities of the NUPRC, Komolafe said a licensing round guideline has been published for seven open oil blocks, adding that the regulator was evaluating the Expression of Interest (EOI) received from prospective investors.
The exercise, he said, was expected to be a big step for the country towards growing its oil and gas reserves, assuring that this would be done through aggressive exploration and development efforts.
In addition, he said the 2020 marginal field bid round had been completed, with 50 Petroleum Prospecting Licenses (PPLs) issued to deserving awardees.
