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Mr Gbenga Komolafe, the Chief Govt, Nigerian Upstream Petroleum Regulatory Fee (NUPRC), says Nigeria has the potential to provide 2.2 million bpd as towards the present manufacturing of between 1.5 million and 1.6 million.
Komolafe disclosed this on the eighth Sub-Saharan Africa Worldwide Petroleum, Exhibition and Convention (SAIPEC) on Tuesday in Lagos.
The Information Company of Nigeria (NAN) studies that the convention was organised by the Petroleum Know-how Affiliation of Nigeria (PETAN) with the theme: “The Subsequent Steps: Accelerating African Content material”.
In line with him, the oil and fuel in Nigeria respectively represents 30 per cent and 34 per cent of the African oil and fuel reserves.
“Though the precise nationwide manufacturing at the moment averages 1.33 million barrels of oil per day and 256 thousand barrels of condensate per day.
“The nationwide technical manufacturing potential at the moment stands at 2.26 million bpd, and the present OPEC quota is 1.5 million bpd.
“Thus, the Fee is taking strategic measures to arrest some challenges confronting us with a purpose to enhance manufacturing and meet the potential,” he mentioned.
The NUPRC boss mentioned that a part of the measures by the Fee was to enhance transparency in hydrocarbon measurement and accounting.
He mentioned that the Fee engaged in collaborative work programme administration with the E & P firms and shut monitoring to make sure that they meet their work programme obligations.
He mentioned that other than hydrocarbon sources, Nigeria can be blessed with potentials for inexperienced and blue hydrogen, photo voltaic, wind, bio-mass and significant minerals for growth of unpolluted power applied sciences in addition to rising inhabitants predominated by younger folks.
“With a shoreline alongside the Gulf of Guinea, market dimension of greater than 200 million folks projected to achieve between 390 million and 440 million folks in 2050, Nigeria represents hope for Africa.
“Curiously, about 70 per cent of the Nigerian inhabitants are below 30, and 42 per cent are below the age of 15, representing an enormous financial asset.
“Certainly, Nigeria’s potentials are derived from its human, pure and materials sources which should be mobilised to propel her on a path of financial development and growth and for her sustainable power future,” he added.
Komolafe mentioned that the worldwide power panorama was certainly at the moment in a state of fast change in response to local weather considerations.
He mentioned that, because of this, the oil and fuel trade is experiencing essential modifications that may have vital bearing on the worldwide power future.
He cited the current concluded COP28 recommendations on pathways for phasing-out fossil fuels, which had been vehemently challenged by OPEC because the cartel reiterated its name for simply, inclusive, equitable and balanced power transition.
He mentioned that President Bola Tinubu, on the United Nations Normal Meeting (UNGA), in September 2023, underscored the necessity to align Africa’s transition pathway with the continent’s circumstances and general financial pursuit.
The NUPRC helmsman mentioned that the Agenda for Nigeria and different resource-rich growing economies is that the evolving power dynamics should be calibrated to make sure power justice, fairness, inclusivity, and sustainability.
“The brand new dynamics within the world power area necessitate that Nigeria, and different international locations, lengthy depending on the exploitation of oil and fuel because the mainstay of their economies, re-examine their technique to safe a blossoming power future whereas assembly the worldwide local weather objectives.
“Therefore, for Nigeria, the authorized, governance, fiscal and regulatory frameworks offered within the Petroleum Trade Act, 2021 (PIA), amongst a number of aims.
”Additionally, purpose to advertise transparency, effectivity, and innovation for sustainable growth of nationwide hydrocarbon sources in addition to renewable power funding to satisfy the worldwide environmental sustainability objectives,” Komolafe defined.
In his remarks, Mr Nicolas Odinuwe, Chairman of PETAN, requested that authorities and establishments ought to desist from taking oil and fuel trade stakeholders funds as a part of its budgetary allocations.
Odinuwe mentioned that the funds are both surplus nor idle, describing the spine of native content material as group engagement and participation.
“Sustainable native content material initiatives depend on energetic involvement from the area people to create, produce, and devour content material that represents their pursuits and values.
“When the group takes possession of the content material creation course of, it ensures authenticity, relevance, and a deeper connection to the setting.
“Because the Chairman of PETAN, I’m honoured to face earlier than you, representing an affiliation that has been on the forefront of driving innovation and development within the petroleum trade.
“Our dedication to excellence extends past oil and fuel, as we recognise the transformative energy of African content material and its means to form narratives, encourage change, and drive financial development, ” he added.
He mentioned: “The Subsequent Steps: Accelerating African Content material” is a theme that resonates deeply with us, based on him because it signifies our collective willpower to propel African content material to new heights, to interrupt obstacles, and to create alternatives for our gifted content material creators.”
”We firmly imagine that the time has come for Africa to take centre stage, to showcase its wealthy cultural heritage, and to inform its tales to the world.
NAN additionally studies that over 100 members and 20 exhibitors attended the convention.
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