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Over $22bn Investments For 1,068 Projects Coming Into Nigeria’s Oil & Gas Sector-NUPRC

The NUPRC Chief Executive, Gbenga Komolafe, disclosed this during a panel session at the ongoing 7th Nigeria International Energy Summit in Abuja.

Komolafe who spoke on the theme, “Innovation, Collaboration, and Resilience: Empowering Nigerian Producers in the Dynamic Energy Era,” noted that Nigeria’s technical crude oil production potential was currently 2.26 million barrels per day.

Giving a breakdown, of the investment projects, he said a total of 51 Field Development Plans approved in the year 2022 -2023 is expected to attract a total $17.64bn investment inflow as well as deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the next 5 years.

Komolafe added that a total of $2.5bn investment in 175 wells were drilled in the year 2022 – 2023, while a total of $2.68bn investment in 842 well workovers and other well intervention activities in the year 2022 – 2023 resulting in increased average oil production.

He explained further that the Commission has also intensified efforts in collaborating with the IOCs to ensure accelerated maturation and development of some high volume deep offshore assets.

Despite the low emissions attributed to Nigeria compared to the global total, he said NUPRC is not resting on its oars.

He said, “The Commission is effectively spearheading the national drive to achieve zero-flare target by 2030 and net zero carbon emissions by 2060 through several initiatives including a unique flare commercialisation programme – the NGFCP.

“As part of the its efforts to encourage collaboration, the Commission established a College of Awardees, following the award of 49 NGFCP flare sites, to serve as a forum for the successful entities to leverage their collective experiences as well as connecting them to other stakeholders and critical support systems, bringing
together world-class service providers, including technology providers/original equipment manufacturers (OEMs), financiers and funding entities, and multilateral agencies to foster optimal delivery of the flare commercialisation projects.

“The Commission has also made significant strides in the realm of innovation. Over the past 3 years, we have embarked on a transformative journey, moving from manual processes to embracing technology and digitalization across all departments allowing us to leverage data analytics and artificial intelligence to unlock new efficiencies, make informed decisions, eliminate delays and enhance productivity, transparency and accountability as well as enhance the monitoring of compliance with regulatory requirements.

“Perhaps most importantly, our embrace of innovation has fostered a culture of technology adaptation and adoption across the upstream oil and gas industry. Hence, the oil and gas companies in Nigeria are increasingly committed to pushing the boundaries of innovation as they continue to invest in cutting-edge technologies from data analytics and automation to remote monitoring and predictive maintenance.”

On the plans for 2024 -2026 period, Komolafe told the audience that to NUPRC would enhance the global competitiveness of the Nigerian upstream sector, attract investment, and optimise hydrocarbon resource development for the benefit of the Nigerian economy and shared prosperity.

He added, “Nigeria offers hope for Africa. We reassure you of our commitment to sustaining our ongoing efforts in ensuring optimal development of Nigeria’s petroleum resources.

“We will continue to collaborate with the industry operators and other stakeholders to ensure good asset stewardship and resource optimisation for enhanced energy security and economic prosperity as well as more sustainable and resilient energy future.”