The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has uncover its plans to increase production to 1.9 million barrels per day, with current development in the Nigeria oil upstream.
This lofty prediction was brought to light by the NUPRC Chief Executive, Oritsemeyiwa Eyesan, while on a visit with the Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, in Abuja.
As reported by NUPRC Head of Media and Corporate Communications, Eniola Akinkuotu, crude production in Nigeria has been making steady headway and had achieved as high as 1.86 million barrels per day in May.
The CEO of NUPRC said that efforts being made towards reforms and enhanced security measures, in addition to better collaborations among relevant stakeholders, are paying off, as the oil industry is inching closer to meeting its production benchmarks.
“We have restarted production and are scaling up. Even though issues like lack of infrastructure, asset integrity, and personnel still exist, we are working towards tackling them,” she added.
Additionally, she noted that the Commission’s efforts towards creating a favorable operating environment for operators and its push towards digitization has largely contributed to building productivity within the industry.
The discussion held at the meeting between NUPRC and the NRS revolved around increasing cooperation in order to increase transparency and efficiency in oil and gas revenue collection.
Eyesan congratulated the reform measures taken which led to the formation of the NRS and further mentioned that the transfer of revenue collection responsibility was smooth.
On his side, Adedeji applauded the Commission’s professionalism while stressing the NRS’s continued partnership with NUPRC in revenue collection.
“Whereas we collect revenue but do not create it, our responsibility is to ensure proper accounting. We should help agencies like NUPRC to maximize revenues for the country,” he said.
As part of the new system provided under the Nigeria Revenue Service Act, the NRS collects revenues that have been created at the federal level, including royalties from the petroleum industry. Thus, working together between the two agencies becomes important for ensuring proper collection and remittance of revenues.
Despite all the problems faced such as theft of oil, attacks on pipelines, outdated facilities, and lack of investments, recent improvements in security and positive investor interest will increase production.
With production close to 1.9mbpd, Nigeria is expected to approach the two million barrels per day mark soon.
