Nigeria targets to increase crude oil production by about 681,000 barrels per day and 1.52 billion standard cubic feet of gas daily from new oilfields.
This information was disclosed in a document written by the chief executive of the Nigeria upstream Petroleum Regulatory Commission; Gbenga Komolafe titled “Nigerian Upstream Petroleum Sector Value Optimization Energy Transition and Regulatory Perspectives.”
According to the document, the commission’s CEO, Gbenga Komolafe, stated that incremental volumes of crude were expected from new wells and well re-entry, he also stated that the commission had issued 50 Petroleum Prospecting Licenses to deserving awardees in the 2020 Marginal Field Bid Round.
“We have also completed the 2020 Marginal Field Bid Round and issued 50 Petroleum Prospecting Licenses to deserving awardees. With the existing discoveries in the awarded fields, the awardees are expected to pursue an early Field Development Plan leading to incremental oil and gas production.
“The commission is facilitating timely approvals for expedited re-entry and early production. The estimated incremental production from the awarded fields is approximately 58,000bpd and 87mmscf/d.”
“In the short/medium term, we expect an estimated incremental volume of 461,000bpd and 565mmscf/d from new wells and well re-entry. In the long term, we expect an estimated incremental volume of 162,000bpd and 868mmscf/d from FDPs, which have been approved and are at various stages of execution.”
Komolafe further noted that the implementation of Host Community Provisions under Section 235 of the Petroleum Industry Act 2021 saddled the commission with the responsibility of ensuring conducive and peaceful relationships among stakeholders within the host communities.”
Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited reported that the country’s oil production had increased to 1.6 million barrels per day, which is still a few million short of the 1.8mbpd quota allocated to Nigeria by OPEC. The implementation of the Detect, Deter, Destroy, and Recover policy had reportedly paid off in the recovery of production.
