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Nigeria’s crude oil production may rise to 800,000bpd

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NIGERIA is set to gain additional 800,000 barrels per day of crude oil from the implementation of some important upstream projects that have been stalled due to financing.

  Minister of State for Petroleum Resources, Timipre Sylva, gave the indication in Abuja, yesterday, while speaking during an event organised by Society of Petroleum Engineers (SPE) under the theme: Global Energy Transition: Implications on Future Investments in the Nigerian Oil and Gas Industry Now empowered by the Petroleum Industry Act (PIA) the government can now embark on the projects.

  The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Chief Executive Officer (CEO) Engr. Gbenga Komolafe revealed thesd at the 2022 Oloibiri Lecture Series and Energy Forum (OLEF) in Abuja.

  Sylva was represented by his Special Technical Adviser, Mr. Abel Nsa.

 “Some of these projects, including the Preowei project, the Bonga South West Aparo project, the Bonga North project, and a host of others, when completed, all have the combined capacity to add upwards of 800,000 BOPD to Nigeria’s production figures. Given this outlook, it is evident to note that in meeting the growing energy demand in the short and medium term, we would need to carry out further exploration and development drilling to optimise reservoir extraction, drill into new targets, and employ technological advances to maximise production yields for appropriate energy mix,” he said.

  Also speaking, Permanent Secretary in Ministry of Petroleum Resources, Dr. Sanu Gwarzo said they “have seen decisions by some IOCs to reduce or out rightly stop long-term investments in upstream projects and development of new technologies for exploration, production and processing of crude oil, or servicing the existing technologies.

 Penalties may soon be put on the production and use of fossil fuels, directly or indirectly, in order to bridge the gaps that may be created by large taxes raked by developed countries from the consumption of oil. Adequate financial resources, technology development and effective policies designed to encourage investments in the oil  and gas industry in Nigeria, are required to enable us meet our increasing demand for energy.”

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