Tinubu committed to transparency, sustainable growth in oil, gas industry, says Komolafe

President Bola Tinubu is committed to transparency, investment attraction, and sustainable growth in the oil and gas industry.

Mr Gbenga Komolafe, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, made this known at the Renewed Hope Global Virtual Town Hall Conference anchored by Mr Joseph Adebola.

He also attributed. Nigeria’s recent crude oil production surge of 1.75 million barrels per day (MBPD) to Tinubu’s dexterity in navigating Nigeria’s economic landscape.

Komolafe while addressing a global audience, highlighted the administration’s bold reforms in the oil and gas sector, emphasising its commitment to

He confirmed that crude oil production in Nigeria currently averages 1.75 million barrels per day (BOPD), with a gas production rate of 7 billion standard cubic feet per day (SCFD).

According to Komolafe, challenges, including oil theft led to a drastic drop in production to 1.1 million BOPD in 2022.

He added that through kinetic and non-kinetic interventions, oil theft had significantly reduced to 5,000 BOPD, leading to a steady production increase to 1.7 million BOPD.

He said Nigeria holds 30 per cent of Africa’s oil and 33 per cent of its gas reserves with its vast energy potential.

He introduced new regulatory frameworks designed to align with Tinubu’s ease of doing business agenda to ensure a more investor-friendly environment.

The chief executive also highlighted a shift in regulatory oversight from a punitive model to one that encouraged voluntary compliance.

He described the recent oil licensing round as the most transparent in Nigeria’s history, as it eliminates discretionary awards and ensures adherence to international best practices.

Komolafe reaffirmed his commitment to making NUPRC Africa’s leading regulatory body, stressing that investor confidence remained a top priority.

He noted that the Tinubu administration’s strategic policies drives economic growth, strengthen energy security, and position Nigeria as a competitive force in the global oil market.

“With these reforms, the nation’s oil and gas sector is poised for sustained expansion, reinforcing President Tinubu’s vision for a prosperous and self-sufficient Nigeria,” he said..

(NAN)