FG to increase oil output to 2m bpd by December

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) at the weekend unfolded its plans for increasing crude oil production to two million barrels per day by December 2023.

Addressing reporters in Abuja at the end of the 4th Phase Consultation with stakeholders on regulations development, Executive Commissioner, Economic Regulation and Strategic Planning, Dr. Kelechi Ofeogbu, dropped the hint that the commission will harness all the acreages and every  capacity from Joint Ventures (JVs) and Production Sharing Contract (PSC) to meet the target.

He said, “ You know the mandate for us and the industry this year. Early we were doing 1.3million barrels per day.

“We are going to rely on the production on every available acreage whether from PSC or from JV, everything is going to be harnessed.”

Ofoegbu revealed that the Chief Executive Officer, Engr. Gbenga Komolafe had raised a committee to address the NLNG complaint of non-availability of gas feedstock due to stoppage of Production Sharing Contract (PSC) that has affected deep water production.

The commissioner added that: “There are measures such as addressing crude theft and attracting further  investments.”

Meanwhile, the  Oil Producers Trade section (OPTS) urged the commission to make regulations that will grow the country’s Gross Domestic Product (GDP) and also attract Foreign Direct Investment (FDI).

 OPTS representative at the consultation, Mr. Nathaniel Oyatogun, noted that the growth can only come when the regulations are fair enough.

 Asked to reveal the agenda the OPTS tabled during the consultation, he said, “So basically our interest is that there will be continuous investment in the sector.

He noted that the commission is working with key stakeholders, including the Nigerian National Petroleum Company Limited (NNPC) to address the issue.

Credit: The Nation Online