The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) pointed out that it remains committed to achieve its target of producing 3 million barrels of crude oil per day by 2030, with ongoing reforms, faster regulatory approvals and renewed investment expected to sustain the country’s production recovery.
This was disclosed by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, who said key enablers required to unlock higher oil production are already being implemented, Bloomberg reported.
The optimism comes as Nigeria’s crude oil production continues to recover, reaching its highest monthly average in more than four years amid increased investment by both international and indigenous operators.
The NUPRC said regulatory reforms and improved investment conditions are laying the foundation for Nigeria to significantly increase crude oil production over the next five years.
Eyesan was of the view that ongoing reforms are designed to accelerate investment decisions and improve operational efficiency across the upstream oil sector.
NUPRC also pointed to growing participation by indigenous operators, which now account for a majority of Nigeria’s crude oil production.
Nigeria’s oil production has shown steady improvement in recent months as operators ramp up output and resume development activities across key assets.
Nigerian-owned upstream companies now account for approximately 60% of the country’s oil production, reflecting the growing role of indigenous operators in the sector.
The Commission noted that stronger oil prices have also encouraged producers to reactivate previously dormant wells and increase output.
Nigeria has been implementing a series of reforms aimed at reviving investment in the upstream petroleum sector after years of declining production caused by underinvestment, crude oil theft and operational challenges.
The country faces significant challenges in meeting its OPEC production quota in recent years due to crude oil theft, pipeline vandalism, underinvestment, and operational disruptions.
Although Nigeria’s security chiefs have been working assiduously to curb oil theft and bunkering activities in the Niger Delta.
Comment here