Business - Business & Economy - News - Oil & Gas - November 19, 2021

How Upstream Commission plans to realise 40bn barrels national oil reserve, daily output targets

MEDIATRACNET

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is currently exploring ways to encourage public-private sectors partnerships and the involvement of the various security agencies to resolve the challenges against crude oil theft, sabotage and pipeline vandalism.

Also, the agency said it is weighing in on a two-way collaboration between industry operators and communities as well as the deployment of the latest technological methods in monitoring the country’s oil pipelines and other facilities in remote areas.

The Chief Executive Officer, NUPRC, Gbenga Komolafe, said at the 39th Annual International conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos that these were part of strategies to achieve the country’s target of 40 billion barrels national oil reserve and three million barrels per day (BPD) oil production capacity.

The theme of the conference was, “Petroleum Exploration and Production in a New World: What Next after the Global Crises.”

Komolafe said the Commission has already commenced consultations with the relevant stakeholders to harvest their buy-in to these strategies, saying there was the need to ensure aggressive routine Asset Integrity Management to cub crude leakages and spills caused by aging operational assets.

To cut the cost of production, Komolafe said the Commission was undertaking a process to benchmark costs across all the terrains, to determine it needs to intervene.

Besides, he said the agency was considering a regime of incentives for achieving drilling targets at deeper horizons while providing guidelines to ensure seismic acquisition design to image deep plays.

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