February 4, 2023



Nigeria can meet OPEC quota – NUPRC boss

The Chief Government Officer of Nigerian Upstream Petroleum Regulatory Fee (NUPRC), Mr Gbenga Komolafe, has mentioned he was optimistic that Nigeria can meet its Organisation of Petroleum Exporting International locations (OPEC) oil manufacturing quota.

Komolafe mentioned the nation has the capability to fulfill the manufacturing quota, regardless of shedding between 80,000 to 100,000 barrels of oil per day to direct theft or shut-ins.

The NUPRC boss mentioned this in an interview on Come up TV, added that based mostly on its goal of getting about 40 to 50 per cent of the shut-in volumes, the federal government would have the ability to add about 500,000 barrels to what the nation was presently producing.

“Our projection is that we will hit over two million barrels and surpass our OPEC quota,” he mentioned.

He additional disclosed that findings by the fee revealed that about 1.2 million barrels of crude oil have been persistently shut in by producers throughout numerous oil wells within the Niger Delta as a result of incessant oil theft within the business.

Komolafe introduced that an operations committee had been set as much as establish shut-in wells to have the ability to have feasibility across the wells.

“So, our engagement is aimed toward figuring out the wells that may very well be re-streamed in a way that we might have some barrels added to our current manufacturing.

“Within the course of we recognized the truth that we will readily within the shortest doable time re-stream wells with which about 400,000 barrels of oil could be introduced on stream.

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“With our dialogue with the operations committee, there may be the opportunity of bringing not lower than 400,000 barrels of oil per day.

“If that’s achieved, the nation may very well be assembly its OPEC quota which stands at about 1,800 barrels of oil per day. So clearly our optimism is pushed by details,” the NUPRC boss mentioned.