Oil and gas stakeholders have called for clear roadmap, synergy and pipeline infrastructure replacement to spur oil production.
The stakeholders spoke at the inauguration of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Project One Million Barrels Oil Per Day (1MMBOPD) Initiative and third anniversary on Monday in Abuja.
The project is an initiative of NUPRC to evolve alternative funding mechanisms to unlock incremental oil production in the short-to-medium term with expanded opportunities for all industry stakeholders.
Speaking during the inauguration, Vice Admiral Emmanuel Ogalla, Chief of Naval Staff, said NUPRC’s activities were mostly domiciled in the maritime, facing security threats, piracy and pipeline vandalism, among others.
“Nigerian Navy secure maritime assets and environment and monitor activities of vessels to ensure national prosperity,” he said.
Ogalla said enhanced collaboration was required to address the challenges in the sector in order to achieve additional oil production in the country.
In his remarks, Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Ltd. (NNPC Ltd.), called for replacement of outdated pipeline infrastructure for proper onshore asset production and management.
Kyari thanked the NUPRC management for its inclusive system, and pledged to work together with the commission to achieve more oil production.
Mr Tony Elumelu, Chairman, Heirs Holdings Group and United Bank for Africa (UBA), advocated “Africapitalism,” which would ensure shared prosperity, environmental sustainability and community development.
Elumelu called on international oil companies to increase collaborations with indigenous firms to drive innovation and excellence across the entire value chain, effectively addressing industry challenges.
“Nigeria’s oil production has been on a downward trajectory, falling from peaks of over two million barrels per day to recent lows, below 1.5 million.
“This decline translates to lost revenues, reduced global market share and missed opportunities for national development.
“The root causes are aging infrastructure, security challenges in the Niger Delta, stalled investments, regulatory uncertainties, and a global shift towards renewable energy that has compounded the investment challenge,” he said.
He commended the NUPRC for the 1MMBOPD initiative, adding that it was a crucial part of the solution to unlocking the next phase of development in the sector.
Elumelu called for infrastructural modernisation to upgrade aging facilities, security enhancement, regulatory streamlining, embracing cutting-edge technologies to optimise production and reduce environmental impact.
“By addressing these areas comprehensively, we will not only aim to reach the 1MMBOPD target but also to create a sustainable framework for future growth,” he said. (NAN)
