NUPRC targets N15tn income in 2025

The Nigerian Upstream Petroleum Regulatory Fee has stated it’s concentrating on N15tn income this 12 months.

The Chief Govt of the Nigerian Upstream Petroleum Regulatory Fee, Gbenga Komolafe, disclosed this on Tuesday whereas addressing newsmen shortly after he was awarded the ThisDay CEO of the Yr Award in Lagos State.

Komolafe recalled that the NUPRC surpassed its income technology goal by about 163 per cent in 2024.

For 2025, he stated the fee has a four-point agenda, the primary amongst which is to proceed on the trail of sustainable development in its oil and gasoline manufacturing.

He stated, “And everyone knows the significance of that; we’re ramping up federal income. Final 12 months, that’s for 2024, you keep in mind that the fee achieved and surpassed its income technology by about 163 per cent. This 12 months, our goal has been elevated to about N15tn.

“So, the fee, recognising that, we have now equally devised a method. In fact, N15tn is so massive, however then we aren’t daunted; we aren’t intimidated. Fairly, we’re defining a strategic method to realize that focus on,” he disclosed.

With the discharge of its regulatory motion plan rolled out within the first week of January, he famous that the NUPRC is proactive and targeted on ramping up oil manufacturing.

“And you would see that, at the very least, we’re witnessing a constructive turnaround within the sense that our manufacturing has grown. We’ve recorded some stage of development for the time being, transferring from about 1.4 million barrels per day to 1.75 mbpd, together with condensate,” he said.

He additionally disclosed that the fee will later kick off the 2025 licensing bid spherical after concluding that of 2024.

He continued, “In that regulatory motion plan, we equally marched out the truth that we had been going to conclude the licensing spherical. That’s concluding the one we began in 2023 as much as 2024. And you would see that by December, we succeeded in finishing the licensing spherical. Don’t overlook the truth that one of many methods by which we develop nationwide oil manufacturing, as prescribed within the Petroleum Trade Act, is to conduct licensing bid rounds. Although the Act didn’t prescribe it to be annual, at the very least we had been capable of conclude that.

“In October final 12 months, we launched the challenge for a million further barrels of manufacturing. That challenge is one in all our main programmes for 2025 as a fee. So, the concept behind the programme is to create a one-stop store by which gamers throughout the ecosystem within the upstream can add worth. We are able to pull the power of all worth gamers alongside the worth chain to extend our manufacturing.”

Talking about transparency within the upstream, he confused that the fee is dedicated to sustaining transparency in hydrocarbon accounting by the digitalisation of the trade.

“In fact, you’ll equally recall that there’s this superior cargo declaration programme and the metering programme, all aimed toward blocking leakages and optimising transparency within the trade. So, that turns into one other key programme that we’re pursuing, believing that if we’re capable of ship on the programme, it can complement our effort on the challenge of 1 million barrels of further manufacturing,” he emphasised.

The NUPRC boss additionally revealed that the regulator is doing all essential to maintain its effort at decarbonising the upstream actions, which is according to the power transition footprint globally.

This, he stated, can be achieved no matter what the USA President Donald Trump’s agenda is.

“By and enormous, we’re watching the worldwide course within the trade and the agenda of President Trump. Because the regulator, that is to make sure that we steer the trade alongside the trail of sustainability,” he submitted.