May 24, 2024
Upstream Commission to increase Nigeria’s oil output to 2.4mb/d
Middle East: Oil demand remains low despite the ease in COVID-19 lockdown
– By Godswill Odiong

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By Eyo Nsima

The Chief Executive Officer, of the Nigerian Upstream Regulatory Commission (NURC), Engr. Gbenga Komolafe, has promised to increase the nation’s crude oil production to 2.4 million barrels per day from the present production level of 1.4mb/d.

Addressing the staff of the Commission, Komolafe said the Federal Government was determined to increase the nation’s oil production quota as well as boost investments in the industry.

The NURC CEO explained that the oil and gas industry was “at a critical and significant moment in the life of the industry whereby energy transition from fossil fuels to cleaner energy is competing with the need for us to raise the bar of our crude oil and gas production from the current level of 1.4 mbbls/d to 2.4 mbbls/d.

“We are not unmindful that the expectations are high, but we are quite determined to surmount the task ahead and hit the ground running. Aside, our confidence is elevated by the team spirit and the capability of you all to deliver on the assigned mandate”.

The CEO, who called for support, said: “We do not ascribe to ourselves the Wisdom of Solomon and nobody is a repository of knowledge”.
According to him, the establishment of the Commission, “in itself would translate to landmark transformations in the industry that is expected to usher in massive investment in the industry for enhanced revenue to fund Nigeria’s social budget given the criticality of upstream activities to the Nigerian economy. Our leadership approach will be anchored on inclusive management”, he stated.

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