President Bola Tinubu has urged industry stakeholders to partner with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to achieve the planned target of one million barrels of oil per day (1mbopd).
Speaking at the launch of ‘Project 1MMBOPD Initiative’ in commemoration of the third anniversary of the NUPRC under the Petroleum Industry Act (PIA 2021), Tinubu emphasised the necessity of partnerships among government, private sector, and international entities to enhance Nigeria’s oil production capabilities.
The ambitious target is projected to raise Nigeria’s crude oil production to 2.6 million barrels per day.
Represented by the secretary to the government of the federation (SGF), Sen. George Akume, Tinubu charged relevant industry stakeholders to join NUPRC in realising set goals of incremental oil production targets within specific timelines.
He highlighted that such collaboration is crucial for economic growth and stability, reinforcing his administration’s commitment to sustainable development in the oil sector.
“These commitments will be critical in ensuring that we achieve an incremental production in the next 12 months. Growing not just production levels, but also increasing efficiency and competitiveness of our industries.
“This initiative is of national importance and it should support Nigeria’s economic recovery and growth,” the president said.
Also speaking, the NUPRC chief executive, Engr Gbenga Komolafe, said the move to raise oil production by extra one million barrels per day is in line with the president’s mandate for the country to raise its oil output to support the country’s revenue target.
Komolafe said crude oil production has averaged 1.7mbpd, including condensates.
He explained that raising oil output is crucial in the country’s energy sustainability and revenue generation.
However, operators say Nigeria would require $2.5 billion in fresh funding to achieve the additional one million barrels of oil per day.
On his part, the minister of state Petroleum (Oil), Heineken Lokpobiri, said Nigeria can scale up its production, adding that the country achieved over 2.2mbpd in 2020 during COVID-19 pandemic with the same assets.
The minister said the government is making efforts through policies to raise oil output.
He said that, based on records, it is producing 1.7 barrels per day, including condensates.
He urged the NUPRC to speed up efforts, adding that Nigerians cannot wait for two years. He said,”Nigeria can produce more than two million barrels in the next few months.”
Lokpobiri said the country needs to be among the countries that are overproducing.
“I want to go to OPEC and argue why Nigeria is given 4mbpd, for a country of 200 million people. But we have not even done the four million. “
He said the country needs to produce an additional 2 to 3 million barrels of crude.
The minister of state Petroleum (Gas), Ekperikpe Ekpo, assured the NUPRC of its unwavering support to boost gas production.
Ekpo said that Nigeria also needs to harness its gas resources as the country transitions to the use of cleaner fuel like Compressed Natural Gas to power vehicles.
Ekpo harped on the role that the country’s abundant gas resources will play in ensuring energy sufficiency and providing revenue for the government.
He said the PIA has remained the instrument driving all the reforms that the NUPRC and other industry agencies have initiated.
“The PIA has empowered the NUPRC to drive reforms and make policies in line with the energy transition goals and economic diversification,” the gas minister said.
The group chief executive officer of the Nigerian National Petroleum Company Ltd, Mele Kyari, said that efforts have been made to curb crude oil theft.
But he noted that the industry faces a huge challenge of integrity issues and vandalism.
“The government and security agencies are responding to all of these,” Kyari said.
He noted that the industry is also dealing with infrastructure that is older than 50 years.
According to Kyari, the NUPRC has played a crucial role and has been supporting industry players in achieving their various targets.
“I appreciate Engr. Gbenga Komolafe for doing a great job at the NUPRC. At the NNPC Limited, we are proud of you and your innovation,” Kyari said.
He expressed NNPC Ltd commitment to help the NUPRC achieve its additional 1mbpd target.
The chairman of Heirs Energies, Tony Elumelu, said the Project 1MMBOPD will proffer solutions to the decline in Nigeria’s oil production.
The event was held in commemoration of the third anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Elumelu, who is group chairman of the United Bank for Africa (UBA), said Nigeria’s oil production has been on a downward trajectory, falling from peaks of over 2 million barrels per day to below 1.5 million recently.
He stated: “This decline translates to lost revenues, reduced global market share, and missed opportunities for national development.
“The root causes are multifaceted: aging infrastructure, security challenges in the Niger Delta, stalled investments, regulatory uncertainties, and a global shift towards renewable energy that has compounded the investment challenge.
“These factors, combined, threaten the very foundation of our economy, as we are heavily dependent on oil.
“As a nation, we cannot permit this to continue, and squander our inheritance and betray our next generation.”
Elumelu, who called for various reforms to increase Nigeria’s oil production and revitalise the nation’s upstream sector, described Project 1MMBOPD as a crucial part of the solution to unlocking the next phase of the nation’s development.
He also described the project as a national imperative and a comprehensive solution to the challenges facing Nigeria’s oil and gas sector and the economy in general.
Elumelu said: “By targeting to grow production by one million barrels of oil per day from current levels, we are setting a clear and challenging goal; one that I believe is achievable as I see all stakeholders are at the table and will commit to play their parts and bring the needed collaboration, innovation, and excellence to make this project a success, for the benefit of our country.
“To be sustainable, this initiative should go beyond just increasing production; it should catalyse a comprehensive strategy to revitalise our entire upstream sector.”
He said the project should encompass key elements such as infrastructure modernisation, security enhancement, regulatory streamlining, investment attraction, and technology adoption.
Elumelu added: “By addressing these areas comprehensively, we will not only aim to reach the 1MMBOPD target but also to create a sustainable framework for future growth.
“As we embark on this ambitious project to boost our oil production, let us also keep our focus on the critical role of gas in our energy mix.
“The path to 1MMBOPD must be constructed on strategies that maximise the value of our gas resources, reducing flaring and increasing utilisation for domestic and export markets.
“This dual focus will help diversify our energy portfolio and mitigate the risks associated with over-reliance on oil.
“We know the criticality of gas in improving access to electricity in Nigeria. Access to electricity is the single most important factor in our quest for industrialisation. You can now see that our oil and gas sector is pivotal to the development of our country.”
The Heirs Energies boss, therefore, commended the NUPRC for promoting sustainable practices such as the Nigerian Gas Flare Commercialisation Programme, saying the commission’s efforts showed the innovation required to balance environmental stewardship with economic growth.
