The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has marked its third anniversary with the launch of the Project 1 Million Barrels of Oil Per Day initiative.
The initiative is aimed at boosting Nigeria’s crude oil production by an additional one million barrels per day in 24 months.
Speaking at the event, the Chief Executive Officer of the NUPRC, Engr. Gbenga Komolafe, highlighted the Commission’s achievements since its formation in 2021, following the enactment of the Petroleum Industry Act, PIA.
With the theme, “NUPRC@3, Transformation, Innovation, and Excellence”, Engr. Komolafe reflected on the Commission’s mission to enhance Nigeria’s Upstream Oil and Gas sector through transparency, efficiency, and accountability.
Komolafe emphasised that the NUPRC has strengthened investor confidence by developing 25 priority regulations, 17 of which have been gazetted.
He added that the Commission has also achieved significant growth in Nigeria’s Oil and Gas reserves, with current figures standing at 37.5 billion barrels of Oil and 209.26 trillion cubic feet of Gas. This progress, he says, was driven by collaborative efforts with industry stakeholders.
The highlight of the event was the unveiling of the Project 1 Million Barrels of Oil Per Day initiative. 1MMBOPD, by President Bola Tinubu, who was represented by the Secretary to the Government of the Federation, Senator George Akume.
Aimed at ramping up oil production in the next 24 months, the initiative is designed to create solutions and secure alternative funding for production growth, and is seen as critical for Nigeria’s energy security and economic resilience.
Komolafe expressed optimism for the future, encouraging industry stakeholders to continue their collaboration with the government to ensure the sector’s sustainability and growth.
On their part, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Ministers of State for Petroleum Resources Gas, Honourable Ekperikpe Ekpo, commended the NUPRC for repositioning the Nigerian oil and gas sector, and for initiating the 1MMBOPD initiative. They urged industry players to take ownership of the projects for actualisation.
