The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the country dominates crude oil production in Africa with an output of 1.61mbpd as at July 23, 2024, boasting proven reserves of 37.50 billion barrels and a production capacity of approximately 2.19 million barrels per day (mbpd).
The Commission’s Chief Executive, Engr. Gbenga Komolafe, made this known at the House of Representatives Special Committee Two-Day Public/Investigative Hearing on Oil Theft/Losses.
This was contained in a statement the commission issued on Friday, 26 July, 2024.
With a mandate to oversee the exploration, development, production, and lifting operations of Crude Oil and Gatural Gas, the NUPRC regulates both the technical and commercial aspects of operations in the nation’s Upstream Petroleum sector, ensuring optimal tax revenue generation, royalty collection, and cost benchmarking.
Other areas of major focus for the Commission include ensuring business continuity and production sustainability at low costs, accurate measurement and timely payment of royalties, uninterrupted Crude Oil and Natural Gas supply to the domestic market, and maintaining safety, health, and environmental standards.
On the statutory mandates and regulatory strategies of the NUPRC, Engr. Komolafe says the Petroleum Industry Act 2021 grants the Commission several statutory mandates in the areas of calibration and certification of metering systems and equipment, publication of reports and statistics on Upstream operations, regulatory oversight and issuance of quality and quantity certificates for exports, and determination of fiscal prices for Crude Oil and Condensate.
