The Federal Government says it plans to significantly increase oil production by one million barrels per day over the next 12 to 24 months.
The federal government said when this is done, it will enhance the country’s energy output and contribute to economic growth.
Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, stated this at an event to celebrate the third anniversary of the commission’s establishment in Abuja, on Monday.
He highlighted that the project seeks to boost current oil production capacity from 1.6 million to 2.6 million barrels per day by 2026.
According to him, the initiative represents a collaborative industry-wide initiative, designed to develop solutions that will unlock additional oil production in both the short and medium term and called for the support of all stakeholders.
“The implementation of the plan, called the ‘Project One Million Barrels Increase of Oil Per Day Initiative’, is to be launched today by His Excellency.
“The project is an industry collaborative initiative aimed at creating solutions to unlock incremental oil production in the short to medium term, with expanded opportunities for all industry stakeholder groups. We see value for all producers, service providers, rig owners, financiers, and crude oil off-takers, among others.
“Our actions here today will be pivotal to production sustainability, energy security, and economic resilience, all in the overall national interest. As we look intently to the future, I call on all of us, our partners, investors, and stakeholders to join hands with the government on this journey,” Komolafe stated.