Commission Chief Executive (CCE) of NUPRC, Mr. Gbenga Komolafe, disclosed this in his keynote speech during a panel session at the ongoing Nigerian International Energy Summit(NIES) 2024 in Abuja.He added that the 51 fields will deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the coming years.
Other investment revenue targets include a total of circa $2.5billion investments in 175 wells drilling in 2022 – 2023 and a total of $2.68 billion investments in 842 well work overs and other well intervention activities in the year 2022 – 2023 resulting in increased average oil production.Komolafe noted that the commission has also intensified efforts in collaborating with the IOCs to ensure accelerated maturation and development of some high volume deep offshore assets.
‘‘Despite the low emissions attributed to Nigeria compared to the global total, we are not resting on our oars. The Commission is effectively spearheading the national drive to achieve zero-flare target by 2030 and net zero carbon emissions by 2060 through several initiatives including a unique flare commercialization programme – the NGFCP”, he said.As part of the its efforts to encourage collaboration, the commission established a College of Awardees, following the award of 49 NGFCP flare sites, to serve as a forum for the successful entities to leverage their collective experiences as well as connecting them to other stakeholders and critical support systems, bringing together world-class service providers, including technology providers/original equipment manufacturers (OEMs), financiers and funding entities, and multilateral agencies to foster optimal delivery of the flare commercialisation projects,’’.
He maintained that the commission has also made significant strides in the realm of innovation, noting that over the past 3 years, it has embarked on a transformative journey, moving from manual processes to embracing technology and digitalization across all departments allowing it to leverage data analytics and artificial intelligence to unlock new efficiencies, make informed decisions, eliminate delays and enhance productivity, transparency and accountability as well as enhance the monitoring of compliance with regulatory requirements.
‘‘Perhaps most importantly, our embrace of innovation has fostered a culture of technology adaptation and adoption across the upstream oil and gas industry. Hence, the oil and gas companies in Nigeria are increasingly committed to pushing the boundaries of innovation asthey continue to invest in cutting-edge technologies from data analytics and automation to remote monitoring and predictive maintenance,’’.
The NUPRC boss reassured willing investors that implementation of the Host Communities Development Trust (HCDT) provisions of the PIA has restored confidence and created social inclusion for the host communities by the operators.
In this regard, he said the commission, in carrying out its oversight roles, has registered a total of one hundred and three(103) HCDTs, and has deployed an intelligent digital, platform for reporting, monitoring, and ensuring transparent administration of the HCDTs for sustainable operations in the Nigerian communities.
Source: https://sunnewsonline.com