Emmanuel Oduara
Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said have the Production Capacity of 2.26 Million bpd Crude Oil.
Komolafe hinted at the 8th Sub-Saharan African International Petroleum and Exhibition (SAIPEC) Conference on Tuesday 13th -15th February 2024.
That the Agenda for Nigeria, and other resource rich developing economies, is that the evolving energy dynamics must be calibrated to ensure energy justice, equity, inclusivity, and sustainability. The new dynamics in the global energy arena necessitate that Nigeria, and other countries, long dependent on the exploitation of oil and gas as the mainstay of their economies, re-examine their strategy to secure a blossoming energy future while meeting the global climate goals. 
Hence, for Nigeria, the legal, governance, fiscal and regulatory frameworks provided in the Petroleum Industry Act, 2021 (PIA), amongst several objectives, aim to promote transparency, efficiency, and innovation for sustainable development of national hydrocarbon resources as well as renewable energy investment to meet the global environmental sustainability goals. Although the actual national production currently averages 1.33 Million barrels of oil per day and 256 thousand barrels of condensate per day, the national technical production potential currently stands at 2.26 Million bpd, and the current OPEC quota is 1.5 Million bopd. Thus, the Commission is taking strategic measures to arrest some challenges confronting us in order to boost production and meet the potential. These measures include: Measures to improve transparency in hydrocarbon measurement and accounting, Collaborative work programme administration with the E & P companies, and close monitoring to ensure that they meet their work programme obligations, Acceleration of field developments (FDPs) through timely approvals and ensuring speedy executionProduction optimisation by ensuring wells are tested periodically and produced at optimal ratesIdentifying candidate wells for workover and interventions.Adoption of Enhanced Oil Recovery processes and technologies etc., he made mention aside from hydrocarbon resources, Nigeria is blessed with potentials for green and blue hydrogen, solar, wind, biomass and critical minerals for development of clean energy technologies as well as growing population predominated by young people. With a coastline along the Gulf of Guinea, market size of more than 200 million people projected to reach between 390 million and 440 million people in 2050, Nigeria represents hope for Africa.
Interestingly, about 70% of the Nigerian population are under 30, and 42% are under the age of 15 [Source: National Population Commission] representing a huge economic asset. Indeed, Nigeria’s potentials are derived from its human, natural and material resources which must be mobilised to propel her on a path of economic growth and development and for her sustainable energy future.As a country, Nigeria is also on track to meet its environmental stewardship obligations.
Analysis of EU’s EDGAR database shows that Nigeria occupies a distant 165th position in the global ranking of top emitters, with a GHG emissions per capita at 1.88 tonnes CO2 equivalent per capita per year, representing just 0.13% of the global total. Despite the low emissions, we are not resting on our oars. The Nigerian Upstream Petroleum Regulatory Commission is effectively spearheading the national drive to achieve zero-flare target by 2030 and net zero carbon emissions by 2060 through several initiatives including a unique flare commercialisation programme – the NGFCP. He also noted with over 125 billion barrels of oil and 620 trillion cubic feet of natural gas reserves as well as other natural resource potentials, Africa is richly endowed with resources, but we must re-examine our strategies and respond through deliberate policies and programmes that suit our regional circumstances given the evolving global energy landscape. Accordingly, the time has come for African Petroleum Regulatory Agencies to come together to discuss our common challenges with a view to achieving our common objectives. At the heart of this vision is the need to establish the African Petroleum Regulatory Forum (AFRIPERF) to work collaboratively in shaping the regulatory landscape of Africa as well as have a unified voice for stronger and more influential representation on the global stage. It is our hope that the framework for the AFRIPERF engagement will be set-up in the course of this Conference to set the stage for future periodic meetings that will culminate in numerous benefits including entrenching best practices and regulatory stewardship, facilitating knowledge sharing and technology transfer, attracting investment and enhancing global competitiveness etc. He finally concluded by reiterating a realistic perspective that Nigeria holds promise for Africa and has the potential to emerge as a superpower given its strategic geopolitical importance, large market size of over 200 million people, teeming youth population, abundant natural and energy resources in the right mix, and the myriads of investment opportunities therein. The realization of this potential and optimism, however, will depend on how effectively we address our challenges and leverage our strengths in the coming years.
In his welcome address, Mr. Ñicolas Odinuwe, Chairman of PETAN, asked that the government and institutions should desist from taking oil and gas industry stakeholders ' funds as part of its budgetary allocations.
Odinuwe said that the funds were either surplus or idle , describing the backbone of local content as community engagement and participation. 'As the Chairman of PETAN " i am making commitment to excellence extends beyond oil and gas as they recognise the transformative power of African Content and its ability to shape the narratives, inspire change and drive economic growth.
He noted" The next steps: Accelerating African Content is a theme that resonates deeply with us, which signifies collective determination t propel African Content to new heights, break barriers and create opportunities for intergrationof African Content.
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