Oil and Gas Sector Reform Intensifies in Nigeria as Federal Government Aims to Increase Production to Three Million Barrels per Day by 2030.
As reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the current regulatory reform in Nigeria has already started to positively influence investments in the upstream sector and reverse the trend of decreasing production levels.
The Nigerian Upstream Petroleum Regulatory Commission explains that fast permit and crude oil sales approvals and tax benefits from the Federal Government are making the country a more appealing destination for investments.
Regarding the future production projections, Oritsemeyiwa Eyesan, the Chief Executive of NUPRC, is confident that Nigeria can meet this ambitious goal if the reform process continues at the same pace.
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The reason behind this newfound optimism is that the country is experiencing the best production numbers in years. In June, Nigeria achieved the highest crude oil production level in nearly three years at 1.56 million barrels per day while production of both crude oil and condensate averaged 1.735 million barrels per day.
The rise in production has helped Nigeria surpass its production target within OPEC+ for the past two months consecutively, thanks to enhanced security around oil facilities and lower pipeline vandalism.
New investments have further increased hopes in the industry. While ExxonMobil is poised to commence operations at a new 40,000 barrels/day oilfield, another oil discovery was made by Renaissance Africa Energy Company.
The local producers currently produce almost 60 percent of the country’s crude, with many companies working to bring back production from abandoned and mature oilfields.
But according to the experts from the industry, it would not be enough to revive the old fields to meet the set target of 2030. They highlighted that investments in discoveries and tackling crude oil theft were key to meeting the target
