NUPRC, NMDPRA, NNPC Align for 3m Bpd Oil Target

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Nigerian National Petroleum Corporation (NNPC) are working together to meet Nigeria's long-standing target of producing 3 million barrels of oil per day by 2030. During the 26th Oloibiri Lecture Series on Energy, held in Abuja, stakeholders highlighted the urgent need for alignment in digital technology, capital investment, and policy frameworks to improve operational efficiency and strengthen energy security.

Oritsemeyiwa Eyesan, Chief Executive of NUPRC, noted that recent reforms under the Petroleum Industry Act (PIA) aim to restore investor confidence and unlock major investments, with flagship projects like Bonga North expected to attract $10 billion in final investment decisions. The article emphasizes that Nigeria's vast hydrocarbon resources, estimated at 37 billion barrels of crude oil and 200 trillion cubic feet of gas, have not been optimally utilized due to regulatory uncertainties and rising costs.