Mr Gbenga Komolafe, the Chief Government of the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), says Nigeria has the potential to supply 2.2 million barrels per day whereas present manufacturing is between 1.5 and 1.6 million barrels.
Komolafe made this recognized on Tuesday on the eighth Sub-Saharan Africa Worldwide Petroleum, Exhibition and Convention (SAIPEC) in Lagos.
The Information Company of Nigeria (NAN) reviews that the convention was organized by the Petroleum Know-how Affiliation of Nigeria (PETAN) with the theme: “The Subsequent Steps: Accelerating African Content material”.
Based on him, Nigeria's oil and gasoline account for 30 p.c and 34 p.c of Africa's oil and gasoline reserves respectively.
“Though precise nationwide manufacturing presently averages 1.33 million barrels of oil per day and 256 thousand barrels of condensate per day.
“The nationwide technical manufacturing potential presently stands at 2.26 million barrels per day, and the present OPEC quota is 1.5 million barrels per day.
“So the Fee is taking strategic measures to halt among the challenges we face in order that manufacturing will be boosted and potential will be realised,” he stated.
The NUPRC boss stated among the Fee's measures have been aimed toward bettering transparency within the measurement and accounting of hydrocarbons.
He stated the Fee was cooperating in managing the work program with the E&P corporations and monitoring intently to make sure they met their work program obligations.
He stated along with hydrocarbon assets, Nigeria can be blessed with alternatives for inexperienced and blue hydrogen, photo voltaic vitality, wind vitality, biomass and essential minerals for the event of fresh vitality applied sciences, in addition to a rising inhabitants dominated by youth.
“With a shoreline alongside the Gulf of Guinea, a market dimension of over 200 million individuals anticipated to achieve between 390 and 440 million individuals by 2050, Nigeria represents hope for Africa.
“Apparently, about 70 p.c of the Nigerian inhabitants is underneath the age of 30 and 42 p.c is underneath the age of 15, which represents an enormous financial benefit.
“Certainly, Nigeria's potential comes from the human, pure and materials assets that have to be mobilized to propel the nation onto a path of financial progress and growth and for its sustainable vitality future,” he added.
Komolafe stated the worldwide vitality panorama is certainly presently in a state of speedy change in response to local weather considerations.
He stated that because of this, the oil and gasoline business is present process important adjustments that can have important implications for the worldwide vitality future.
He cited the not too long ago finalized COP28 ideas on fossil gasoline phase-out pathways, which have been vigorously challenged by OPEC because the cartel reiterated its name for a good, inclusive, equitable and balanced vitality transition.
He stated that on the United Nations Basic Meeting (UNGA) in September 2023, President Bola Tinubu underlined the necessity to align Africa's transition path with circumstances on the continent and total financial aspirations.
The NUPRC helmsman stated the Agenda for Nigeria and different resource-rich growing economies entails calibrating evolving vitality dynamics to make sure vitality justice, fairness, inclusivity and sustainability.
“The brand new dynamics within the world vitality enviornment make it crucial that Nigeria and different nations, which have lengthy relied on the exploitation of oil and gasoline because the mainstay of their economies, rethink their technique to safe a affluent vitality future whereas meet world local weather objectives. .
“Therefore, for Nigeria, the authorized, administrative, fiscal and regulatory frameworks set out within the Petroleum Trade Act, 2021 (PIA), amongst a number of aims.
“Additionally attempt to advertise transparency, effectivity and innovation for the sustainable growth of nationwide hydrocarbon assets and investments in renewable vitality to fulfill world environmental sustainability objectives,” Komolafe defined.
In his remarks, Mr. Nicolas Odinuwe, Chairman of PETAN, requested that authorities and establishments ought to chorus from utilizing funds from oil and gasoline business stakeholders as a part of their budgetary allocations.
Odinuwe stated the funds are redundant or ineffective, describing the spine of native content material as neighborhood engagement and participation.
“Sustainable native content material initiatives depend upon the lively involvement of the local people in creating, producing and consuming content material that represents their pursuits and values.
“When the neighborhood takes possession of the content material creation course of, it ensures authenticity, relevance and a deeper reference to the surroundings.
“As President of PETAN, I’m honored to face earlier than you and symbolize an affiliation that’s on the forefront of driving innovation and progress within the petroleum business.
“Our dedication to excellence extends past oil and gasoline as we acknowledge the transformative energy of African content material and its skill to form tales, encourage change and drive financial progress,” he added.
He stated: “The Subsequent Steps: Accelerating African Content material” is a theme he believes resonates deeply with us because it signifies our collective willpower to propel African content material to new heights, breaking boundaries and creating alternatives for our proficient content material. creators.”
“We consider the time has come for Africa to take heart stage, to showcase its wealthy cultural heritage and to inform its tales to the world.
NAN additional reviews that greater than 100 contributors and 20 exhibitors attended the convention.
