Nigeria Discovers New Oil Field That Can Produce 681,000bpd and 1.52 Billion Cubic Feet of Gas Daily
- The newly discovered oil well can produce about 681,000 barrels of crude oil and 1.52 billion cubic feet of gas every day
- The Nigerian Upstream Petroleum Regulatory Commission said it had awarded the new oil wells to new owners
- The Commission’s CEO, Gbenga Komolafe, stated that the freshly discovered oil wells would boost oil production in Nigeria
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The Nigerian government has identified new oil fields that can deliver about 681,000 barrels of crude oil and 1.52 billion typical cubic feet of gas per day, a quantity that is expected to boost production.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in a document.
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New oil field to boost crude oil production for Nigeria
According to the Chief Executive Officer of NUPRC, Gbenga Komolafe, an increase in crude volume was expected from new oil wells and well re-entry.
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He said the NUPRC has also completed the 2020 Marginal Field Bid Round awards and issued 50 Petroleum Prospecting Licenses to companies and new owners.
He believes existing oil wells in the awarded fields will increase oil and gas production.
He added that the commission is encouraging timely approvals for a rapid re-entry and early production with an expectation of an estimated increased output from the already awarded oil fields, which is about 58,000 barrels per day of crude oil and 87 million cubic feet of gas per day.
Host communities to benefit from new oil wells
BusinessDay reports that the NUPRC boss further revealed that implementing the Host Community Provisions under the Petroleum Industry Act (PIA) 2021 gave the commission the responsibility of providing conclusive and peaceful relationships among stakeholders within host communities be done through the implementation of the Host Communities Development Trust.
Komolafe declared that the collaboration with host communities is expected to ensure an enabling environment for the sustainable development of the country’s hydrocarbon resources.
Nigeria’s Oil production hits 1.6mBpd worth N61bn, highest in months, as excited NNPC sets new target
Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has revealed that Nigeria's oil production has risen to 1.6 million barrels daily, its highest level in months.
Mele Kyari, group chief executive officer, NNPCL, disclosed this at the Final Cut over ceremony of the company in Abuja on Friday, February 17 2023, Punch reports.
During the ceremony, an excited Kyari said Nigeria would achieve an oil production level of 1.8 million barrels per day in two to three months.
Source: Legit.ng
