Report released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s oil production jerked higher by 8.4 percent in the month of August to 1.41 million barrels per day compared to 1.30 million barrels per day recorded in July.
The data by the Commission disclosed that liquid crude production, stripped of condensate oil, was 1.08mbpd, an increase of 8.2 percent compared to 1.09mbpd recorded in July.
Nigeria’s OPEC production quota is 1.80mbpd, without condensate oil. The 2023 Budget has an oil production benchmark of 1.69mbpd.
Nigeria’s oil production has been hampered by oil theft and pipeline vandalism.
Speaking over the weekend on the state of the oil industry, the Minister of State, Petroleum Resources (Oil), Senator Heineken Lokpobiri said regulators in the oil industry were crucial to the survival of the Nigerian Oil Industry.
Lokpobiri stressed that regulators such as the NUPRC were central to the sustainable growth of the nation’s oil industry.
According to him, “The Nigerian economy was largely dependent on oil and so having a very conducive environment for them to work cannot be over emphasised,” saying that, in order to bring out the best out of the workforce, a conducive working environment must be put in place.
The Minister commended NUPRC for its giant strides as the Commission has surpassed its revenue generation projection for the country in the current year.
He also reaffirmed that the government would provide necessary measures and incentives that would attract more investors into the oil sector.
On his part, the Chief Executive, NUPRC, Engr. Gbenga Komolafe, said as at July, 2023, the Commission had already surpassed 50 percent of the revenue target set for the Commission in the current year, adding that, in the last three years, the Commission had exceeded its revenue projection which he ascribed to the dedication and hard-work of the commission’s workforce that were well-motivated.
Komolafe told the Minister that the Commission was focused on its regulatory role and is working assiduously to increase the nation’s oil and gas reserves, adding that, the Commission was stepping up the transparency in hydrocarbons accounting through the strategies and regulations that were being put in place.