With the declaration of the nation’s oil reserves which stands at 37.046 billion barrels, indicating an increase of 0.37 per cent compared to 2020 figures, the chief executive explained that the life index now stands at 60 years.
Speaking during a briefing to mark the commission’s one-year anniversary, the Chief Executive of the NUPRC, Mr Gbenga Komolafe, said that Nigeria’s gas reserves had been pegged at 208.62 TCF, indicating an increase of 1.01 per cent compared to 2020 figures, with a life index of 88 years. That would be without new discoveries.
Between the last quarter of 2021 and the third quarter of 2022, 274 export permits were granted to various firms for a total of 480,863,863 barrels of crude oil and condensates, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
Komolafe stated that during the period, 47 Petroleum Prospecting Licences (PPLs) were granted to the winners of the last marginal field awards.
At the time , 57 oil fields were put up for bidding.
- Nigeria’s Minister of State for Petroleum resigns
- FIRST BANK OFFICIAL STATEMENT
- Egbin Power boosts nation’s supply, restores sixth unit
- Transcorp Plc delivers strong performance as revenue rises by 21%
- Oando Plc set to become private company
The commission’s chief executive explained that the team has been focused on laying a solid foundation for its regulatory functions and in pursuing that, has drafted Environmental Remediation Fund Regulation and the Upstream Environmental Regulation and Upstream Petroleum Safety Regulation, both of which have been subjected to stakeholders’ review.
Komolafe noted that the commission also successfully launched the Host Communities Regulations to guide the implementation and operationalisation of the Host Communities Development Trust (HCDT), as enshrined in the Petroleum Industry Act (PIA).
He explained that the NUPRC had also almost completed the automation of upstream work processes which would improve the efficiency and become operational before the end of year 2022.
Other achievements in the last one year, Komolafe said, included the Ikike first oil which was officially celebrated in September 2022 and expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of the year.
He stressed that the deployment and commissioning of Aiteo 120,000kbd barge mounted crude oil processing facility to minimise crude oil theft and vandalism as well as the deployment and commissioning of Tenoil 10kbd Early Production Facility (EPF) were some of the milestones during the period.
In addition, Komolafe listed the regularisation and commissioning of Halkin 5kbd EPF at Atala OML-46 as well as the inauguration of an integrated industry-wide study to ascertain shut-in wells as part of the achievements in the last one year.
According to him, the primary aim of the study is to boost production and guide investment planning and recommend low hanging potential to boost national production, with the report now at the writing stage.
The development of the Advanced Cargo Declaration Regime, Crude Oil and LNG Tracking (COLT) and the establishment of ELI-AKASO crude oil export terminal as well as publishing of up-to-date data on national crude oil production on the commission’s website , he noted , were also key triumphs for the NUPRC.