Business

FG to focus on 100% increase in crude oil production

The Federal Government has pledged to rebuild the upstream industry in response to Nigeria’s falling oil production, increasing crude oil output by 100% to 3.0 million barrels per day, up from an average of 1.5 million this year.

Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, announced the news at the Nigerian Association of Petroleum Explorationists (NAPEInternational )’s Conference and Exhibition in Lagos.

Mr Komolafe stated, “As the upstream technical and commercial regulator, we are dedicated to fixing these difficulties in order to boost our reserves to 40 billion barrels and increase our output to three million barrels per day.”

The NUPRC boss added the government would work towards solving some problems, including oil theft, insecurity, and ageing facilities.

Read Also: Ex-professor fired for allegedly masturbating during Zoom lecture

“Collaborative efforts between operators, communities and the deployment of state-of-the-art technology to monitor pipelines in remote areas is on course,” he said.

“Already, as a commission, we have commenced consultation with relevant stakeholders towards the achievement of these objectives. A more aggressive policy on routine Asset Integrity Management to cub crude leakages and spills caused by ageing facilities will be adopted.

“Attractive incentive is being made to encourage multi-client and speculative data companies to acquire state-of-the-art data in open acreage to facilitate exploration activities.”

Leave a Reply