The Federal Government, through Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has launched the Project 1 Million Barrels of Oil Per Day Initiative, aiming to raise the country’s oil production to 2.4 million barrels per day.
This collaborative effort involves stakeholders across the industry, including producers, service providers, rig owners, financiers, and crude oil off-takers.
Speaking at the Launch of the Initiative in Abuja on Monday, to mark the 3rd year anniversary of the commission, President Bola Tinubu, represented by Secretary to the Government of the Federation (SGF) George Akume, emphasized the importance of increased production, citing benefits such as job creation, government revenue growth, and improved energy security.
Tinubu urged stakeholders to work together to achieve this goal, highlighting his administration’s economic policies as key drivers of progress.
NUPRC’s Chief Executive, Gbenga Komolafe, noted that the project would unlock incremental oil production in the short-to-medium term, fostering operational excellence and national economic resilience.
He also provided an update on the divestment transactions, stating that 4 out of 5 assets divestment transactions have been successful, while
the divestment of Shell Petroleum Development Company Limited’s assets to Renaissance Africa Energy Company Limited did not meet regulatory requirements.
Minister of State for Petroleum Resources Oil Heineken Lokpobiri and the GCEO of NNPC LTD Mele Kyari called on stakeholders in the sector to join hands with the government in boosting Production.
The National Assembly, The Nigerian Navy and Financial institutions , including Heads or international Oil Companies pledged to make the 1mbpd initiative a reality.
