How Nigeria will increase crude output to two million barrels in Dec - NUPRC

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Nigerian Upstream Petroleum Regulatory Commission (NUPRC) at the weekend has explained how it plans to increase nation’s crude oil production to two million barrels per day by December 2023.

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

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

“The aim is to end this year with at least 2million barrels and the midterm to do 4million barrels.

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

Ofoegbu added 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.

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

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.