According to Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country’s oil production can rise from an average 1.5-1.6 million BPD to a staggering 2.2 million BDP. He stated this during the Sub-Saharan Africa International Petroleum Exhibition and Conference held in Lagos.
This is big news, considering Nigeria produces 31-34% of Africa’s oil and gas. The current production at 2.5 million BDP surpasses OPEC’s quota of 1.5 million BPD. Therefore, the production can be a sustainable solution to the country’s recent oil and fuel crisis due to the removal of subsidies by President Tinubu. Additionally, it plays a more significant role in balancing the deteriorating Nigerian economic state.
However, Komolafe emphasized the challenges the potential might face. This includes the need to balance green energy resources and the use of fossil fuels. Also, the factor was heavily mentioned in the COP28 Summit, highlighting the changes nations have to make to attain a sustainable global energy future.
Therefore, the CEO stated the government’s plans to engage with necessary parties to reach fair hydrocarbon measurements and accounting.
True to that, Gbenga Komalfe also stated the country’s potential in green and blue hydrogen, solar, and wind power capabilities.
Undoubtedly, the potential BPD increase will improve the monetary returns. The country can channel the profits to green and renewable energy. This will facilitate getting better climate infrastructure and shifting from fossil fuels. Financing such projects will help cover the long-term effects of fossil fuel use.
This is a call to action for private sector youth and women to be directly involved. Together, a solution to a sustainable environment and economy is closer than ever imagined.
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