Nigeria reckons that the current quick-win interventions in the energy sector will boost Nigeria’s oil production by about 900,000 barrels per day in the short term.
Chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, said going forward, the Commission is working with operators to identify candidate wells and appropriate interventions to achieve increased production, while focusing on shut-in wells that could easily be revived.
Komolafe spoke on the theme: “Nigerian Upstream Petroleum Sector: Value Optimization, Energy Transition, and Regulatory Perspectives,” at the special quarterly oil and gas industry dinner organized by the Lagos Petroleum Club.
According to him, in pursuant to achieving the projection, a committee was inaugurated on June 23, 2022, to conduct an industry-wide study on the reactivation of shut-in strings, adding that a report submitted included recommendations for quick-wins, medium and long-term initiatives to enhance national oil and gas production volumes.
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“Findings in the report revealed that over 900,000 barrels of oil per day could be realized from the quick win interventions, while the medium and long-term initiatives could potentially add about 1.2 million barrels of oil per day, if properly and fully implemented,” he stated.
The NUPRC, he explained further, intends to focus its attention and resources on achieving its mandate to sustain the development of the country’s petroleum industry, despite current challenges.
He said the commission is committed to increasing Nigeria’s oil and gas reserves and production, developing a transparent approach to hydrocarbon accounting, and attaining operational efficiency and effectiveness in the industry operations.
“In addition, the commission is committed to facilitating peace and harmony in the host communities to guarantee a conducive operating environment for investors, positively impact on operating cost and attraction of more investment opportunities,” he noted.
While highlighting some of the recent activities of the NUPRC, Komolafe said a licensing round guideline has been published for seven open oil blocks, adding that the regulator was evaluating the Expression of Interest (EOI) received from prospective investors.
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The exercise, he said, was expected to be a big step for the country towards growing its oil and gas reserves, assuring that this would be done through aggressive exploration and development efforts.
In addition, he said the 2020 marginal field bid round had been completed, with 50 Petroleum Prospecting Licenses (PPLs) issued to deserving awardees.
By Ken Okafor