The Nigerian government has identified new oil fields that can deliver about 681,000 barrels of crude oil per day and 1,52 billion typical cubic feet of gas daily, expected to boost production.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this in a document.
According to the Chief Executive Officer of NUPRC, Gbenga Komolafe, that crude volume increase was expected from new oil wells and well re-entry. He said the NUPRC has also completed the 2020 Marginal Field Bid Round awards and issued 50 Petroleum Prospecting Licenses to companies and new owners. He believes existing oil wells in the awarded fields will increase oil and gas production.
He said that the commission is encouraging timely approvals for a rapid re-entry and early production with an expectation of an estimated increased output from the already awarded oil fields, which is about 58,000 barrels per day of crude oil and 87 million cubic feet of gas per day.
The NUPRC boss said that implementing the Host Community Provisions under the Petroleum Industry Act (PIA) 2021 gave the commission the responsibility of providing conclusive and peaceful relationships among stakeholders within host communities be done through the implementation of the Host Communities Development Trust.
He said the collaboration with host communities is expected to ensure an enabling environment for the sustainable development of the country’s hydrocarbon resources.