Nigeria Gets New Position Globally as Crude Oil Production, Reserves Hit New High

• The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced an increase in Nigeria’s daily crude oil production
• The chief executive officer of the NUPRC said that the country’s crude oil production rose from 1.25 million barrels in June to N1.61 billion in July
• He disclosed that Nigeria remains Africa’s largest crude oil producer, with 37.50 billion oil reserves

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced an increase in daily crude oil production, from 1.25 million barrels daily in June to 1.61 million as of July 23, 2024.

The chief executive of NUPRC, Gbenga Komolafe, disclosed this as he addressed the House of Representatives Special Committee on Public/Investigative Hearing on Oil Theft and Losses.

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Nigeria’s crude reserves are the highest in Africa

Komolafe disclosed that Nigeria remains Africa’s largest crude oil producer, with reserves of about 37.50 billion barrels and a production capacity of 2.19 million daily.

Komolafe said:

“The NUPRC has introduced several innovative measures to enhance transparency and accountability.”

The NUPRC leader revealed that additional measures to ensure accountability include implementing the Advanced Cargo Declaration (ACD) Regulation to prevent oil export without proper documentation and assigning a unique identification number to each cargo. 

He also listed the Upstream Metering Regulation, which mandates reliable metering systems to account for all hydrocarbon production exports, real-time cargo tracking, and digital documentation to improve visibility and efficiency in cargo operations.

Innovations emerge in NURPC

The NUPRC chief said the Commission regulates the technical and commercial aspects of operations in Nigeria’s upstream petroleum sector to ensure optimal tax revenue, royalty collection, and cost benchmarking.

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According to reports, Komolafe outlined the Commission’s strategies to optimize production, boost regulatory oversight, and ensure accurate measurement and accounting.

Komolafe explained that the Commission has prioritized improving rig availability and reducing non-productive time by unlocking heavy crude oil reserves through workshops.

FG awards $21m metering contract to curb oil theft

Legit.ng previously reported that the Nigerian government has approved about $21 million for a metering project to promote effective monitoring of crude oil production and distribution in Nigeria.

The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this at a press briefing and said the development is part of the government’s effort to curtail theft affecting Nigeria’s oil and gas sector.

He explained that the contract is for the metering of 187 flow stations and will be carried out across the Niger Delta region.

Source: Legit.ng