By Melvin Onwubuke
The Federal Government has announced that 1,068 oil and gas projects approved between 2022 and 2023 are expected to generate a total of $22.8 billion.
This was disclosed by Gbenga Komolafe, Chief Executive, Nigeria Upstream Petroleum Regulatory Commission, during the panel session at the ongoing 7th Nigeria International Energy Summit in Abuja, according to The Punch.
Gbenga Komolafe in his speech tagged “Success story in Nigeria’s sector, told the delegates that currently, Nigeria’s technical crude oil production stands at 2.26 million barrels, and the nation was gradually approaching the oil production quota approved by OPEC.
He said “A total of circa $2.5bn investment in 175 wells drilling in the year 2022 – 2023. A total of $2.68bn investment in 842 well workovers and other well intervention activities in the year 2022 – 2023 resulting in increased average oil production.
“275 per cent growth in rig count from just eight in 2021 to average of 30 in the past one year. Early first oil achieved in recently streamed fields through accelerated FDPs.
“Some of the fields include: Ikike (Total), Efe field (Newcross), Utapate, (NEPL), Akubo Field (SEEPCo), Oyo (General Hydrocarbon) and several others streamed under Extended Well Tests including Ethiope, Omefejo, Ofa, Olure, Ibom, Apani, Kalaekule, etc.”
Although crude oil production in the country is currently 1.33 million barrels per day and condensate production is 256,000 barrels per day, he expounded that the national technical production potential is 2.26 million barrels per day, while OPEC’ s quota is 1.5 million per day.
