The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its target is to increase Nigeria’s crude oil production from the current level of 1.4 million barrels per day to 2.4 million barrels per day.
A statement issued on Wednesday by Head, Public Affairs, Mr Paul Osu quoted Chief Executive Officer, NUPRC, Mr Gbenga Komolafe, as disclosing this in his maiden address with staff of the defunct Department of Petroleum Resources (DPR) in Abuja.
Komolafe maintained that the commission, which was recently set up with the passage of the Petroleum Industry Act (PIA), remains the enabler of upstream business in the Nigerian oil and gas industry.
He said the NUPRC was tasked with the responsibility of regulating technical and commercial activities in the upstream sector.
Komolafe said there was need for landmark transformations in the industry, expected to usher in massive investment in the industry.
According to him, it will create enhanced revenue to fund Nigeria’s social budget given the critical nature of the upstream activities to the Nigerian economy.
“Incidentally, we are at a critical and significant moment in the life of the industry whereby energy transition from fossil fuels to cleaner energy is competing with the need for us to raise the bar of our crude oil and gas production from the current level of 1.4 mbbls/d to 2.4 mbbls/d. We are not unmindful that the expectations are high but we are quite determined to surmount the task ahead and hit the ground running.
“Besides, our confidence is elevated by the team spirit and the capability of you all to deliver on the assigned mandate,” Komolafe said.
He solicited the cooperation of all staffers of the agency to enable the laying of a solid regulatory foundation and build a 21st century regulator anchored on principles of effective and efficient services, transparency and professionalism.
Komolafe also promised that staff welfare and human capital development would be given utmost priority to enable the commission to achieve the aspirations of government for the upstream sector.