President Bola Tinubu is committed to transparency, investment attraction, and sustainable growth in the oil and gas industry, says Gbenga Komolafe, the Nigerian Upstream Petroleum Regulatory Commission CEO.

Mr Komolafe said this at the Renewed Hope Global Virtual Town Hall Conference anchored by Joseph Adebola.

Mr Komolafe also attributed Nigeria’s recent crude oil production surge of 1.75 million barrels daily to Mr Tinubu’s efforts. According to him, crude oil production in Nigeria averages 1.75 million barrels daily, with a gas production rate of 7 billion standard cubic feet.

He disclosed that challenges, including oil theft, led to a drastic drop in production to 1.1 million BOPD in 2022. He added that through kinetic and non-kinetic interventions, oil theft had significantly reduced to 5,000 BOPD, leading to a steady production increase to 1.7 million BOPD.

He said Nigeria holds 30 per cent of Africa’s oil and 33 per cent of its gas reserves with its vast energy potential.

The NUPRC chief also highlighted a shift in regulatory oversight from a punitive model to one encouraging voluntary compliance. He described the recent oil licensing round as the most transparent in Nigeria’s history, as it eliminates discretionary awards and ensures adherence to international best practices.

Mr Komolafe reaffirmed his commitment to making NUPRC Africa’s leading regulatory body, stressing that investor confidence remained a top priority.

He noted that the Tinubu administration’s strategic policies drive economic growth, strengthen energy security, and position Nigeria as a competitive force in the global oil market.

“With these reforms, the nation’s oil and gas sector is poised for sustained expansion, reinforcing President Tinubu’s vision for a prosperous and self-sufficient Nigeria,” he said.

(NAN)