The Chief Executive, Nigerian Upstream Petroleum Regulatory
Commission (NUPRC) Mr Gbenga Komolafe, says Nigeria has the potential to
produce 2.2 million barrels per day (bpd) as against the current production of
between 1.5 million and 1.6 million.
He spoke yesterday at the 8th Sub-Saharan Africa
International Petroleum, Exhibition and Conference (SAIPEC) in Lagos.
The conference was organised by the Petroleum Technology
Association of Nigeria (PETAN) with the theme: “The Next Steps: Accelerating
African Content”.
According to Komolafe, oil and gas in Nigeria respectively
represents 30 per cent and 34 per cent respectively of African oil and gas
reserves.
“Although the actual national production currently averages
1.33 million barrels of oil per day and 256 thousand barrels of condensate per
day, the national technical production potential currently stands at 2.26
million bpd, and the current OPEC (Organisation of Petroleum Exporting Countries)
quota is 1.5 million bpd.
“Thus, the Commission is taking strategic measures to arrest
some challenges confronting us in order to boost production and meet the
potential,” he said.
The NUPRC boss said part of the measures by the Commission
was to improve transparency in hydrocarbon measurement and accounting.
He said the Commission engaged in collaborative work
programme administration with the exploration and production (E & P)
companies and close monitoring to ensure that they meet their work programme
obligations.
He said aside from hydrocarbon resources, Nigeria is also
blessed with potentials for green and blue hydrogen, solar, wind, bio-mass and
critical minerals for development of clean energy technologies as well as
growing population predominated by young people.
“With a coastline along the Gulf of Guinea, market size of
more than 200 million people projected to reach between 390 million and 440
million people in 2050, Nigeria represents hope for Africa.
“Interestingly, about 70 per cent of the Nigerian population
are under 30 and 42 per cent are under the age of 15, representing a huge
economic asset.
“Indeed, Nigeria’s potentials are derived from its human,
natural and material resources which must be mobilised to propel her on a path
of economic growth and development and for her sustainable energy future,” he
added.
Komolafe said the global energy landscape was indeed
currently in a state of rapid change in response to climate concerns.
He said as a result, the oil and gas industry is experiencing
crucial changes that will have significant bearing on the global energy future.
He cited the recent concluded COP28 suggestions on pathways
for phasing-out fossil fuels, which were vehemently challenged by OPEC as the
cartel reiterated its call for just, inclusive, equitable and balanced energy
transition.
He said President Bola Tinubu, at the United Nations General
Assembly (UNGA), in September 2023, underscored the need to align Africa’s
transition pathway with the continent’s circumstances and overall economic pursuit.
The NUPRC helmsman said the Agenda for Nigeria and other
resource-rich developing economies is that the evolving energy dynamics must be
calibrated to ensure energy justice, equity, inclusivity, and sustainability.
“The new dynamics in the global energy arena necessitate that
Nigeria, and other countries, long dependent on the exploitation of oil and gas
as the mainstay of their economies, re-examine their strategy to secure a
blossoming energy future while meeting the global climate goals.
“Hence, for Nigeria, the legal, governance, fiscal and
regulatory frameworks provided in the Petroleum Industry Act, 2021 (PIA), among
several objectives.
”Also, aim to promote transparency, efficiency, and
innovation for sustainable development of national hydrocarbon resources as
well as renewable energy investment to meet the global environmental
sustainability goals,” Komolafe explained.
In his remarks, Chairman of PETAN, Mr Nicolas Odinuwe, urged government
and institutions to desist from taking oil and gas industry stakeholders funds
as part of its budgetary allocations.
Odinuwe said the funds are either surplus nor idle,
describing the backbone of local content as community engagement and participation.
“Sustainable local content initiatives rely on active
involvement from the local community to create, produce, and consume content
that represents their interests and values.
“When the community takes ownership of the content creation
process, it ensures authenticity, relevance, and a deeper connection to the
environment.
“As the Chairman of PETAN, I am honoured to stand before you,
representing an association that has been at the forefront of driving
innovation and growth in the petroleum industry.
“Our commitment to excellence extends beyond oil and gas, as
we recognise the transformative power of African content and its ability to
shape narratives, inspire change, and drive economic growth.
“The Next Steps:
Accelerating African Content” is a theme that resonates deeply with us,
according to him as it signifies our collective determination to propel African
content to new heights, to break barriers, and to create opportunities for our
talented content creators.
”We firmly believe that the time has come for Africa to take
centre stage, to showcase its rich cultural heritage, and to tell its stories
to the world.
NAN also reports that over 100 participants and 20 exhibitors
attended the conference.
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