Nigeria: Nuprc Seeks Improved Value Delivery for 1.67bn Crude Reserve

27 June 2024
Daily Trust (Abuja)
By Al Mustapha a. Mustapha

The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) yesterday stressed the need for improved value addition to the heavy crude reserves in Nigeria to leverage on the rich

Commission's chief executive, Mr. Gbenga Komolafe, spoke at the opening of a two-day workshop aimed at developing the daily national oil production and unlocking the full potential resources of oil fields.

The workshop is being held in Abuja with the theme: "Heavy Crude Oil Development In Nigeria."

He disclosed that as of January 1st, 2024, Nigeria's heavy crude reserves stood at about 1.67 billion barrels, adding, "Sixty-two percent (62%) of this volume is proven while thirty-eight percent (38%) is unproven. Seventy-one percent (71%) of the total reserves are domiciled in acreages operated by NEPL, twelve percent (12%) in IOC-owned acreages, and seventeen percent (17%) are found in other operating companies' acreages.

"In terms of terrain, we have 78% onshore, 3% at swamp, and 19% offshore. Despite this huge volume, the quantum of heavy crude oil reserves developed in Nigeria is just about 5%. As a result, there is a need for a concerted effort to improve value delivery from this segment of the petroleum spectrum, which will ultimately lead to energy security, job creation, and economic growth."

He charged oil field owners to provide clear project objectives to facilitate open communication and data sharing.

He also charged them to provide innovative solutions and technologies in their collaboration with the regulatory agency.

He said: "The commission will continually foster a favourable regulatory environment to leverage technology and support research and development objectives. We are focused on optimizing our hydrocarbon resources in the midst of energy transition despite the current challenges we are experiencing."

Komolafe lamented the inability of investors to invest in research and development projects with a view to developing and adapting to "innovative extraction and processing technologies that focus on efficient production."

Read the original article on Daily Trust.

Tagged:
Copyright © 2024 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.