President Bola Tinubu is committed to transparency, attracting investment, and fostering sustainable growth in the oil and gas industry.
This was revealed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Mr Gbenga Komolafe, at the Renewed Hope Global Virtual Town Hall Conference, which was anchored by Mr Joseph Adebola.
Komolafe attributed Nigeria’s recent surge in crude oil production to 1.75 million barrels per day (MBPD) to President Tinubu’s adept leadership in navigating the country’s economic landscape.
Addressing a global audience, Komolafe highlighted the administration’s bold reforms in the oil and gas sector, emphasising its dedication to promoting transparency and investment in the industry.
He confirmed that Nigeria’s current crude oil production averages 1.75 million barrels per day (BOPD), with gas production at a rate of 7 billion standard cubic feet per day (SCFD).
Komolafe noted that challenges, including oil theft, had caused a sharp decline in production to 1.1 million BOPD in 2022. However, through both kinetic and non-kinetic interventions, oil theft had been significantly reduced to 5,000 BOPD, resulting in a steady production increase to 1.7 million BOPD.
He further stated that Nigeria holds 30 per cent of Africa’s oil and 33 per cent of its gas reserves, underlining the country’s vast energy potential.
Komolafe introduced new regulatory frameworks aimed at aligning with Tinubu’s ease of doing business agenda, designed to create a more investor-friendly environment.
The Chief Executive also highlighted a shift in regulatory oversight from a punitive model to one that encourages voluntary compliance, creating a more cooperative relationship with industry stakeholders.
He described the recent oil licensing round as the most transparent in Nigeria’s history, eliminating discretionary awards and ensuring adherence to international best practices.
Komolafe reaffirmed his commitment to making NUPRC Africa’s leading regulatory body, emphasising that building investor confidence remains a top priority.
He concluded by noting that the Tinubu administration’s strategic policies are driving economic growth, strengthening energy security, and positioning Nigeria as a competitive force in the global oil market.
“With these reforms, the nation’s oil and gas sector is poised for sustained expansion, reinforcing President Tinubu’s vision for a prosperous and self-sufficient Nigeria,” Komolafe said.
