The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed its determination to surpass the oil production quota set by the Organisation of Petroleum Exporting Countries (OPEC), which stands at 1.74 million barrels per day (bpd).
Gbenga Komolafe, the Chief Executive of NUPRC, made this statement following receiving an Award of Excellence from the Federal University of Petroleum Resources (FUPRE), Effurun, in Delta State, on Thursday evening.
During a press briefing, Komolafe highlighted that the country’s current crude oil production capacity already exceeds OPEC’s quota of approximately 2.2 million bpd. He emphasized that with this capacity, Nigeria can surpass the OPEC quota.
Komolafe attributed this increased capacity to improvements in the overall security services within the country and the collaborative efforts of stakeholders in the oil and gas industry.
He further asserted that this collaborative approach would continue, focusing on reducing crude oil theft to ensure sustainable growth and development in the industry.
“In recent times, there has been increase in the volume of crude oil production and decrease in oil theft.
“This could largely be ascribed to the general security services in the country, as well as the collaborative efforts of the stakeholders in the oil and gas industry.
“The effort of the general security services, collaborations between the Nigerian National Petroleum Company Limited, the regulators, and the private security services have helped to curtail oil theft and upscaled our production,” he said.
According to Mr. Komolafe, the commission has been entrusted with the official responsibility of enhancing crude oil production volume within Nigeria.
He emphasized that despite its relatively brief period of operation, the commission has already received positive responses from the industry, indicating a boost in investor confidence.
“We have been able to provide clarity in the activities of the industry. “No investor will invest in a situation where there is acrimony.
“So, the commission is keen and doing everything possible to attract investors into the upstream,” Komolafe said.
The Chief Executive of NUPRC stressed the significance of human capital development in advancing and optimizing Nigeria’s hydrocarbon resources.
He applauded the efforts of FUPRE in assisting the federal government in nurturing the necessary human capital required to develop hydrocarbon resources.
“We will support and collaborate with FUPRE to ensure that the university continues to turn out the best in terms of human capital that will help in the development of our upstream resources.
“In terms of Corporate Social Responsibility (CSR), we will continue to collaborate with the university in providing infrastructure so that the standard for which the institution is known will continue to be sustained,” he said.
During the award ceremony, Mr. Komolafe expressed his gratitude for the recognition. He dedicated the award to the Board of NUPRC and the commission’s management, stating that it would inspire him to achieve even more.
The Vice-Chancellor of FUPRE, Mr. Rim-Rukeh, highlighted that the university, established in 2007, has made significant progress in achieving its objectives since commencing academic activities in 2008.
He emphasized the importance of the oil industry, acknowledging that while diversification is a positive initiative by the federal government, the oil industry remains highly relevant, particularly considering the unique products emerging from the petrochemical sector.
Among the NUPRC delegation present were the NUPRC Board Chairman, Isa Modibbo, executive commissioners, and other key officials.
The award ceremony, organized by the African Child Foundation, also honored other recipients such as Seinye Briggs, Greg Ugbeifun, and Kestin Pondi.