The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Minister of State for Petroleum Resources (Oil) have expressed differing views regarding the commission’s target of increasing oil production by one million barrels per day within 12 to 24 months.
The NUPRC’s initiative aims to enhance the country’s energy output and contribute to economic growth. The commission believes that increasing oil production can create opportunities for all industry stakeholders.
However, the Minister of State, Heineken Lokpobiri, has disputed the target, calling it inadequate and suggesting a higher goal of 2.5 million barrels per day.
The NUPRC has been working on a collaborative project to unlock incremental oil production in the short to medium term. The project involves various industry stakeholders and aims to create solutions that will expand opportunities for all participants.
The Minister of State emphasized the importance of achieving a higher oil production target, stating that Nigeria cannot afford to wait another two years to add one million barrels per day. He urged industry players to work together to improve production and reach the 4 million barrel per day target.
Nigeria has been struggling to achieve its OPEC quota of 1.5 million barrels per day. The current target of increasing production by one million barrels per day would bring Nigeria closer to its goal of reaching 4 million barrels per day and 10 billion cubic feet of gas production by 2030.
President Bola Tinubu has tasked industry stakeholders to join the NUPRC in realizing the 1 million barrels per day initiative. He emphasized the importance of collaboration and shared responsibility among government agencies, major producers, service providers, financiers, host communities, and other stakeholders.
The initiative aims to expand government revenue, eradicate poverty, and increase Gross Domestic Product. By achieving these goals, Nigeria can strengthen its economic recovery and growth.
