FG commits to 100% increase in crude oil production
The federal government of Nigeria has committed to rebuilding the upstream sector by increasing crude oil output to 3.0 million barrels per day thus ensuring a 100 per cent increase from an average of 1.5 million since this year.
This was disclosed by the Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe at the International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
“As the upstream technical and commercial regulator, we are committed to addressing these issues to increase our reserves to 40 billion barrels and raise our production to three million barrels per day,” Mr. Komolafe said.
The NUPRC boss added the government would work towards solving some problems, including oil theft, insecurity, and ageing facilities.
“Collaborative efforts between operators, communities and the deployment of state-of-the-art technology to monitor pipelines in remote areas are on course. 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.”
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