President Bola Tinubu has tasked industry players to collaborate with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in realising its One Million Barrels Oil Per Day (1MMBOPD) Initiative.
Tinubu said this on Monday, October 21, 2024, in Abuja during the inauguration Project 1MMBOPD Initiative and commemoration of the third anniversary of the NUPRC under the Petroleum Industry Act (PIA 2021).
The project is an NUPRC collaborative initiative to evolve alternative funding mechanisms to unlock incremental oil production in the short-to-medium term with expanded opportunities for all industry stakeholder groups.
Represented by Sen. George Akume, Secretary to the Government of the Federation, Tinubu charged relevant industry stakeholders to join NUPRC in realising set goals of incremental oil production target within specific timelines.
He said the shared responsibility initiative would be a collaborative undertaking, involving government agencies, major producers, service providers, financiers, host communities and other stakeholders.
This, he said, would expand government revenue, eradicate poverty and increase Gross Domestic Product (GDP) in a sterile, shared prosperity.
“These commitments will be critical in ensuring that we achieve an incremental production in the next 12 months. Growing not just production levels, but also increasing efficiency and competitiveness of our industries.
“This initiative is of national importance, and it should support Nigeria’s economic recovery and growth,” the president said.
He said that when his administration came on board, it introduced policy reforms and interventions, and such on the path of stability, growth, and sustainability which had begun to yield fruits.
The president said his administration while focusing on decarbonisation approaches to oil and gas, a renewed drive for economic diversification, usage of oil and gas industrials and development, remained intact.
He expressed delight that the sector had witnessed major financial and investment decisions across the value chain, since inception of the reform.
“To this end, we must work more subtly to grow production, meet domestic energy security needs and shore up foreign exchange gains.
“I congratulate all active oil and gas industry players for the modest gains in oil production which rose to 1.6 million barrels per day.
“I am pleased that the NUPRC, working with industrial stakeholders has transformed that executive charge into a tangible measure set as progress to one million barrels per day in oil and gas production.
“By enhancing domestic energy security and supporting growing vibrancy, this initiative will ensure that Nigeria remains a crucial player in the global energy asset and means of worldwide energy transition.
“Increased oil production will mean more job opportunities, increased revenue for the government, and more stable energy supply for the assets,” he said.
Tinubu commended the Ministers of State for Petroleum Resources (Oil and Gas), NUPRC, NNPC Ltd., industry captains and oil producing organisations for delivering to contemporary challenges to foster development.
By Emmanuella Anokam
