The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said that the agenda for Nigeria and other resource rich developing economies is that the evolving energy dynamics must be calibrated to ensure energy justice, equity, inclusivity and sustainability.
According to him, the new dynamics in the global energy arena necessitate that Nigeria and other countries, long dependent on the exploitation of oil and gas as the mainstay of their economies, re-examine their strategy to secure a blossoming energy future, while meeting the global climate goals.
Komolafe stated this at the 8th Sub-Saharan Africa International Petroleum, Exhibition and Conference (SAIPEC) hosted by Petroleum Technology Association of Nigeria (PETAN) with the theme, ‘The Next Steps: Accelerating African Content.’
He said: “For Nigeria, the legal, governance, fiscal and regulatory frameworks provided in the Petroleum Industry Act (PIA), 2021, amongst several objectives, aim to promote transparency, efficiency and innovation for sustainable development of national hydrocarbon resources, as well as renewable energy investment to meet the global environmental sustainability goals.
“The oil and gas reserves in Nigeria respectively represent 30 per cent and 34 per cent of the African oil and gas reserves. Although the actual national production currently averages 1.33 million barrels of oil per day and 256 thousand barrels of condensate per day, the national technical production potential currently stands at 2.26 million bpd, and the current Organisation of Petroleum Exporting Countries (OPEC) reserves.”
