The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s crude oil and condensate output is expected to increase as plans are underway to open bids for onshore and offshore oil blocks.
Enorense Amadasu, executive commissioner of development and
production at NUPRC, spoke on Monday during a conference in Lagos.
Amadasu said bids will be opened for 31 oil and gas blocks
in an effort to increase the country’s crude oil production and boost economic
activities.
However, he did not give further details on the bidding
timeline.
“These 31 oil and gas blocks have been carefully selected
for their potential to boost our reserves and stimulate economic activities,”
he said.
NUPRC invited investors to bid for 12 oil blocks and seven
deep offshore assets in the 2024 marginal bid round on May 8.
A month later, Gbenga Komolafe, NUPRC chief executive
officer (CEO), said the number of oil blocks on offer has been increased.
Also, Amadasu said Nigeria’s current production level,
including crude oil and condensates, has reached 1.8 million barrels per day
(bpd), up from 1.54 million bpd in September.
He said there are plans to raise the figure to 2 million bpd
by year-end.
“As at today the country’s crude oil production plus
condensate is 1.8 million barrels per day and we’re pushing, working with
everyone to increase it to two million barrels a day before December,” the
NUPRC commissioner added.
Citing enhanced security around oil infrastructure and new
incentives designed to draw investors, Amadasu also said he anticipates growth
in the sector.
On June 2, the Organisation of Petroleum Exporting Countries
(OPEC) extended Nigeria’s production quota of 1.5 million barrels of crude oil
per day (bpd) to 2025.
OPEC said Nigeria should maintain the production level till
December 31, 2025.
Commenting on the deadline, Heineken Lokpobiri, minister of
state for petroleum resources (oil), on October 3, said Nigeria will conform
with the production quota set by OPEC.
However, OPEC, in its monthly report for September 2024,
said Nigeria’s average daily crude oil production dropped to 1.32 million bpd.
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