Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe has said that Nigeria’s daily production currently stands at 1.61 million barrels per day as of July 23, 2024.
Speaking at the House of Representatives Special Committee two-day Public/Investigative Hearing on Oil Theft/Losses in Abuja, Komolafe stresses that Nigeria would continue to dominate as Africa’s largest producer of Crude Oil, boasting proven reserves of 37.50 billion barrels and a production capacity of approximately 2.19 million barrels per day (mbpd).
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Speaking on Crude Oil theft and pipeline vandalism, the CCE says Nigeria is facing significant challenges, especially affecting terminals at Bonny, Brass, and Forcados. This has prompted the Commission to employ end-to-end production monitoring and a mass balance methodology to accurately account for losses and differentiate them from operational losses. These interventions have significantly reduced theft, with zero incidents reported in July 2023, he stated.
On transparency and accountability, the NUPRC has introduced several innovative measures to enhance transparency and accountability.
Other innovations include the Advanced Cargo Declaration (ACD) Regulation that ensures no Crude Oil is exported without proper accounting and assigns a unique identification number (UIN) to each cargo, the Upstream Metering Regulation, which mandates reliable metering systems to account for all hydrocarbon production and exports, and real-time cargo tracking and digital documentation to improve visibility and efficiency in cargo operations.
He therefore reaffirmed NUPRC’s commitment to continued engagement with stakeholders to optimize Nigeria’s Oil production and maintain its leadership position in Africa’s energy sector.
Highlighting the key initiatives of the Commission, Engr. Gbenga Komolafe says the Commission has prioritized improving rig availability and reducing non-productive time through unlocking heavy Crude Oil reserves via industry workshops. These initiatives also support new Petroleum Prospecting License (PPL) awardees to achieve first Oil, among other initiatives.
