The Minister of State for Petroleum Resources, (oil) Heineken Lokpobiri, and the Nigerian Upstream Petroleum Regulatory Commission have differing perspectives on the commission’s goal of boosting oil production by an additional one million barrels per day within 12 to 24 months.
The initiative which aims to boost Nigeria’s energy output and support economic growth by increasing oil production capacity from 1.6 million barrels per day to 2.6 million by 2026, according to The Punch.
The NUPRC Chief, Gbenga Komolafe, stated that the project would enhance the vibrancy and value optimization of the oil and gas sector.
However, the Minister of State for Petroleum Resources, Heineken Lokpobiri, disagreed, asserting that the target is too low.
Speaking at an event in Abuja to mark the third anniversary of the commission’s establishment, Gbenga Komolafe announced a plan to explore an additional one million barrels of oil, supplementing the current supply from various stakeholders.
He pointed out that the project is a collaborative initiative aimed at developing solutions to unlock additional oil production in both the short and medium term.
He also called for the support of all stakeholders in the industry.
He said, “The implementation of the plan called the project one million barrels increase of oil per pay initiative, which is to be launched today.
“The project is an industry collaborative initiative to create solutions to unlock incremental oil production in the short to medium term, with expanded opportunities for all industry stakeholder groups.
“We see value for all producers, service providers, rig owners, financiers, and crude oil off-takers, amongst others. Our actions here today will be pivotal to production sustainability, energy security, and economic resilience, all in the overall national interest.
“As we look intently to the future, I call on all of us, our partners, investors, and stakeholders to join hands with the government in this journey.”
Meanwhile, in his speech, Lokpobiri challenged the current target, arguing that it is insufficient and should be raised to 2.5 million barrels per day.
“When I got the invitation from the NUPRC about the launching of this project one million barrels, I felt that they were not ambitious enough.
“My challenge to NUPRC is that the project of 1m barrels in the next one to two years is unacceptable. Nigerians cannot wait another two years for us to add another 1m barrels. That is too long.
“I want industry players to ask the government what we can do to improve production to 4m barrels. Not this 1m barrels that we want to launch today, we have to amend it,” the minister stated.
Meanwhile, President Bola Tinubu has urged industry players to collaborate with the NUPRC to achieve its 1 million barrels per day initiative.
Represented by the Secretary to the Government of the Federation, George Akume, he called on relevant stakeholders to work alongside the NUPRC to meet incremental oil production targets within specific timelines.
Tinubu emphasized that this shared responsibility initiative would involve government agencies, major producers, service providers, financiers, host communities, and other stakeholders.
Nigeria has been struggling to meet the 1.5 million barrels per day quota set by the Organisation of Petroleum Exporting Countries.
The latest target, however, suggests that the country aims to achieve an oil production level of 4 million barrels per day and gas production of 10 billion cubic feet by 2030.
