The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as part of its strategic initiative to raise national crude production to 2.5 million barrels per day (bpd) by 2026, has revealed plans to reactivate dormant oil fields in the country.
The chief executive officer (CEO) of NUPRC, Engineer Gbenga Komolafe, stated this during the maiden conference of the Energy Correspondents Association of Nigeria (ECAN) themed “Four Years of the Petroleum Industry Act (PIA): Achievements, Gaps, and the Way Ahead”, which was held on Thursday in Abuja.
Komolafe, who was represented by the Commission’s Head of Regulations and Statutory Compliance, Kingston Chikwendu, said the Project One Million Barrels Initiative, launched in 2024, is already making an impact as daily production has increased from 1.7 to 1.83 million barrels per day (bpd).
According to Komolafe, the increment in production was achieved as a result of fast-tracked regulatory approvals, enhanced operational efficiency and the opening of new frontier blocks onshore and offshore.
He also added that 37 new crude evacuation routes to strengthen infrastructure and curb losses from theft and vandalism has been put in place.
He said, “The Commission is enforcing the Domestic Crude Supply Obligation (DCSO) to ensure consistent feedstock for local refineries, while simultaneously advancing gas-to-power projects, LNG and CNG infrastructure and digital regulatory systems to attract investment.”
Speaking on community engagement, the NUPRC boss said the digitized Host Community Trust Fund (HCTF) has improved transparency, reduced conflict and also enhance the he industry’s social licence to operate.
He clarified that money is not sent directly to the host communities but to the trustees of the HCTF to make necessary impact on the people.
While commenting on Nigeria’s gas-focused transition, Komolafe said hydrocarbons still contribute 90% of foreign exchange earnings and 70% of government revenue as he mentioned flagship initiatives such as the Decade of Gas, Nigerian Gas Flare Commercialisation Programme and Presidential CNG Initiative which are targeted at ending routine gas flaring by 2030 and also to cut methane emissions by 60% by 2031.