The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, says that Nigeria plans to rake in about N84.67tn from the sale of crude oil in 2025.
Speaking at the Petroleum Industry Stakeholders Forum held at the Petroleum Technology Development Fund Towers in Abuja, Komolafe acknowledged that the need “to bridge the current production gap of 350,000 barrels per day to meet the 2025 budget’s crude oil production target of 2.062 million barrels per day at $75 per barrel”.
He emphasised the significance of collaboration towards overcoming challenges and enhancing industry performance, particularly as Nigeria’s economy remains heavily reliant on oil revenues.
According to the statement by NUPRC, Komolafe listed sme of the achievements of the Commission as recording a 1.45 per cent growth in national oil reserves and a 26 per cent increase in oil production between April 2023 and November 2024.
He added a significant reduction in oil theft and deferments by over 40 per cent.
All these, he said, were achieved through enhanced collaboration with security agencies.
These initiatives are the implementation of the million barrels per day incremental production initiative; and enhancement of hydrocarbon measurement accuracy through metering regulations.
Others are digitisation of upstream regulatory activities to ensure compliance and operational efficiency; achieving optimum unit cost per barrel to boost government revenue and conducting licensing bid rounds to bring dormant assets into production.
Komolafe added that the commission remains committed to reducing the carbon footprint of upstream operations and positioning Nigeria as Africa’s energy hub.
“In line with this, the NUPRC has provided a facility in Abuja to host the Africa Energy Bank, a move expected to create jobs and provide financial support for oil and gas businesses,” the statement said.
The NUPRC boss called for unity and collective action, reiterating the commission’s commitment to fostering a regulatory environment that promotes growth, innovation, and global competitiveness in Nigeria’s upstream petroleum sector.
GIK/APA