Over $22bn Investments For 1,068 Projects Coming Into Nigeria’s Oil & Gas Sector-NUPRC

The Nigeria Upstream Petroleum Regulatory Commission has said that about 1,068 oil and gas projects approved between 2022 and 2023 that are currently ongoing across the country are to attract a total of $22.8bn. The NUPRC Chief Executive, Gbenga Komolafe, disclosed this during a panel session at the ongoing 7th Nigeria International Energy Summit in Abuja. Komolafe who spoke on the theme, “Innovation, Collaboration, and Resilience: Empowering Nigerian Producers in the Dynamic Energy Era,” noted that Nigeria’s technical crude oil production potential was currently 2.26 million barrels per day.

Giving a breakdown, of the investment projects, he said a total of 51 Field Development Plans approved in the year 2022 -2023 is expected to attract a total $17.64bn investment inflow as well as deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the next 5 years.

Komolafe added that a total of $2.5bn investment in 175 wells were drilled in the year 2022 – 2023, while a total of $2.68bn investment in 842 well workovers and other well intervention activities in the year 2022 – 2023 resulting in increased average oil production. He explained further 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.

Source: thewhistler.ng