FG intends to increase crude oil production by 100 percent

The Federal Government has pledged to rebuild the upstream sector in response to Nigeria’s declining 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.

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Mr Komolafe stated, “As the upstream technical and commercial regulator, we are committed to addressing these issues in order to increase our reserves to 40 billion barrels and increase our production to three million barrels per day.”

The NUPRC chief added that the government would work to address a number of issues, including oil theft, insecurity, and aging infrastructure.

“Collaborative efforts between operators and communities, as well as the deployment of cutting-edge technology to monitor pipelines in remote areas,” he said, are on track.

“As a commission, we have already begun consultation with relevant stakeholders in order to achieve these goals.” To prevent crude leakages and spills caused by aging facilities, a more aggressive policy on routine Asset Integrity Management will be implemented.

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“An attractive incentive is being offered to encourage multi-client and speculative data companies to acquire cutting-edge data in open acreage to aid exploration activities.”