NUPRC Executive Chairman, Gbenga Komolafe Bags Award, Says Nigeria’s Crude Oil Output Increased

• The Chief Executive of Nigerian Upstream Petroleum Development Commission (NUPRC) has revealed that Nigeria’s oil output increased
• Gbenga Komolafe disclosed this as he bagged an award in Lagos and Nigeria is OPEC’s most improved oil producer
• He said the commission is working to ensure transparency in the oil industry with 17 new regulations

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe has revealed that Nigeria’s oil production improved in January 2024, making the country OPEC’s most improved oil-producing country.

The development comes as the NUPRC boss bagged the Sun Public Service Award.

Nigeria is OPEC's most improved oil producer

Komolafe reiterated the commission’s commitment to the oil sector’s growth via the development of regulations that would create value for Nigeria’s hydrocarbon resources via increased productivity and revenue.

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Komolafe, alongside other notable figures, bagged the award in recognition of his service to the oil industry.

Komolafe stated in an interview that he has received over 30 awards in less than three years that he has been in the saddle at NURPC.

NUPRC issues 17 regulations

Punch reports that he explained that the NUPRC has issued 17 regulations, serving as tools to ensure certainty and predictability of the activities of the upstream sector before the PIA regime.

He explained that the Commission, in two and a half years of coming on board, has been able to churn out about 17 regulations that ensure certainty and predictability of the activities in the upstream industry as against what was obtained in a pre-PIA regime.

He said:

“So for us at NUPRC, and in two and a half years that we resumed as pioneers to set up the NUPRC, we have dedicated ourselves to the service of the Federal Republic of Nigeria.

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In doing this, we have been working silently and assiduously to ensure that we implement our statutory mandate effectively in a manner that has now become a success story."

He said that the task of rebuilding Nigeria is a collective task, stating that the award signifies their achievements in the oil industry.

He said:

‘‘It requires that all of us as citizens of Nigeria in whatever ramification we find ourselves should contribute our quota in a very dedicated manner towards the task of nation building”.

Crude oil prices rise to a new high

Legit.ng reported that the price of Brent Crude rose to $83.19 barrels on Tuesday, February 13, 2024, an increase of $1.19 compared to its cost the previous day, according to data from the Nigerian government, showing that the country’s output rose to 1,426,574 barrels per day in January 2024.

The gain in crude oil price and the increase in Nigeria’s output would lead to more Forex earnings for the country, which has battled FX scarcity for months.

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In its latest crude oil condensate data, the Nigerian Upstream Regulatory Commission (NUPRC) said the country’s output increased by 91,476 barrels per day in January 2024 compared to the production figure of 1,335,098 barrels per day.

Source: Legit.ng