NUPRC Flaunts Score Card, Promises to Unlock 1.2mbpd Shut-in Capacity To Surpass OPEC Quota

0 16

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that it has granted 274 export permits for a of 480.8 million barrels of crude oil/condensate/EGTL between the fourth quarter of 2021 and the third quarter of 2022.

Speaking on the Commission’s scorecard at a briefing in Abuja, the chief executive of the Commission, Mr. Gbenga Komolafe expressed optimism that Nigeria will soon surpass its OPEC production quota of 1.8 million barrels per day (mbps) as it makes concerted efforts to unlock the 1.2mbpd shut-in capacity as a of crude oil theft.

Mr. Komolafe informed that the nation’s Oil and Condensate Reserves in 2021 rose to 37.046 million barrels, indicating an increase of 0.37% compared to 2020 figures, with a life index stands at 60 years.
He equally informed that the nation’s gas reserves stood at 208.62 trillion cubic feet (TCF), this indicates an increase of 1.01 per cent compared to 2020 figures, with a life index of 88 years.

The NUPRC was one of the regulatory authorities that was midwifed by the 2021, which was signed into law by President Muhammadu Buhari on 27th August 2021. The board and management of the Commission was inaugurated on October 22, 2021.

Also Read: OPEC+ 2mbpd Oil Cut Came At “The Worst Possible Moment” – U.S.

The Commission was achieved from the relics of the defunct Department of Petroleum Resources (DPR) to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

He highlighted some of the achievements of the commission in the last one year as follows: Automation of Upstream work processes which he said is almost completed.

There is Ikike first oil which  was officially celebrated in September 2022. It is expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022; Deployment and commissioning of Aiteo 120kbd barge mounted crude oil processing Facility to minimise crude and vandalism on the NCTL; Deployment and commissioning of Tenoil 10kbd Early Production   Facility (EPF) increase crude oil daily production by 10kbd.

There is the regularization and commissioning of Halkin 5kbd EPF at Atala OML-46; Inauguration of an integrated industry-wide study to ascertain shut-in wells that can be reactivated in the short, medium, and long-term. The primary aim is to boost production and guide investment planning. In addition, the study aims to optimize recovery factor via identification of EOR/IOR candidate wells and recommend low hanging potentials to boost National production.

Also Read: OPEC Total Output Still Below Target Despite Increased Oil Production

The study has been concluded and is in the report writing stage; Development of the Advanced Cargo Declaration Regime, and Crude oil and LNG Tracking (COLT) are also in process among others.

Continuing, the CCE said the commission has completed establishment of ELI-AKASO crude oil export terminal; Published up-to-date data on National Crude oil production on the Commission’s website has ensured transparency of data and information to provide accurate volume to both internal and external users.

In the area of Exploration and Acreage Management Directorate, the Commission has so far achieved the following: Komolafe recalled that the NUPRC awarded of 47 Petroleum Prospecting Licences to winners of marginal fields during the 2020 Marginal Field Bid Round; Developed Model Licence and Model Lease in conjunction with Legal and Compliance and Enforcement (C&E) SBU; Renewal of OMLs 128, 130, 132, 133 and 138 as well as Acquisition, processing, and interpretation of 82,175 sq km of multi-beam data and Geochemical analysis of standard cores and heat flow data over the Delta offshore.

Komolafe said the Commission has also made significant in-roads in the areas of Health, Environment and Security. Apart from the Host Communities Regulations to guide implementation and operationalization of the HCDT, we also developed and automated the Host Development Trust reporting, monitoring, and data management portal.

Also Read: Crude Oil Production: Angola, Libya Maintain Lead Over Nigeria – OPEC report

According to him, “Settlors have already commenced submission of applications on the portal; we have had successful engagements with the OPTS for the assignment of Littoral communities to Deep operators with reference to Regulation 6(1) (d) of the Host Communities

Development Regulations (2022). Modalities for the assignment of littoral host communities to deep offshore operators have been worked out. Also, the Commission is working in synergy with the National Boundary Commission (NBC) to map


Be the first to know when we publish an update

Leave a Reply