The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, said in a briefing yesterday that between the last quarter of 2021 and the third quarter of 2022, 247 permits were granted to oil firms, to export 480,863,863 barrels of crude oil and condensates. Between this period, 47 Petroleum Prospecting Licences (PPLs) were given to the winners of the last marginal field awards. 57 oil fields were also put up for bidding at that time.
Mr. Gbenga highlighted that the commission just launched the Host Communities Regulations to guide the implementation and operationalisation of the Host Communities Development Trust (HCDT), as enshrined in the Petroleum Industry Act (PIA). He further explained the focus of the commission to be laying a solid foundation for its regulatory functions. To achieve this, an Environmental Remediation Fund Regulation was drafted alongside the Upstream Environmental Regulation, and Upstream Petroleum Safety Regulation. These Regulations have been subjected to review by stakeholders.
There is an increase of 0.37 percent in the nation’s oil reserves when compared to that of 2020. It currently stands at 37.046 billion barrels, with a life index of 60 years. Nigeria’s gas reserves have also increased by 1.01 per cent when compared to the figures of 2020. It is currently 208.62 TCF, with a life index of 88 years. These records do not include new discoveries.
Mr. Gbenga revealed that the commission had almost completed the automation of upstream work processes, to boost efficiency and operations, before the end of this year. By December, reports will be submitted by the committee set up to aggregate the exact quantity of oil exported, stolen, or produced, for transparency check.
