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FG discover new oil fields production

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By Abdulwasiu Usman

The new oil fields could produce about 681,000 barrels of crude oil per day.

In a drive to revitalize the oil sector and boost the country’s crude oil output, the federal government of Nigeria has discovered new oil fields that could produce about 681,000 barrels of crude oil per day and 1.52 billion standard cubic feet of gas per day. This was mentioned in a paper compiled by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and titled “Nigerian Upstream Petroleum Sector: Value Optimization, Energy Transition, and Regulatory Perspectives.”

Chief executive of NUPRC, Gbenga Komolafe, said that the commission is anticipating a rise in oil output as a result of well re-entry and new drill. He revealed that the 50 Petroleum Prospecting Licenses allotted in 2020 Marginal Field Bid Round had been awarded. With the existing finds in the awarded fields, the recent awardees are required to undertake an early Field Development Plan, which would ultimately lead to additional oil and gas production.

Increase of 461,000 bpd and 565 mmscfd volume is anticipated.

NUPRC has also committed to speed up re-entry and start production quicker by facilitating speedy approvals. From the awarded fields, extra output of about 58,000 bpd and 87 mmscfd is expected. Subsequently, in the short term, an increase of 461,000 bpd and 565 mmscfd volume is anticipated from new wells and well re-entry. As of now, authorized FDPs are predicted to increase production by 162,000 bpd and 868 mmscfd in the long run.

According to the NUPRC Chief Executive, the commission’s mandate includes the obligation of promoting conducive and harmonious relationships among stakeholders within the host communities, adding that this would be carried out through the (HCDT) Host Communities Development Trust. Implementation of Host Community Provisions is mandated under Section 235 of the Petroleum Industry Act 2021. With the Host Community Development Trust’s template, NUPRC has collaborated with key parties to provide drafts of templates and officially designated rules.

NUPRC approved 60+ Host Community Development Trusts.

The HCDT’s main goal is to meet the development requirements of the affected areas and to incorporate oil-bearing villages into the value chain. Thus, it helps to reduce unrest in these areas and creates favorable conditions in which businesses may flourish. This should improve efficiency, inspire trust among investors, and pave the way for the long-term growth of the country’s hydrocarbon reserves. As such, the commission has reached a major milestone with the approval of 60+ Host Community Development Trusts in accordance with the PIA 2021.

To further achieve the 1.8 million bpd quota allocated for Nigeria by the (OPEC) Organization of Petroleum Exporting Countries, the government and its agencies have been working to increase crude oil production. Due in large part to these efforts, daily oil output is already at 1.6 million barrels, only a few million short of the OPEC-scheduled limit. Mele Kyari, Group Chief Executive of NNPCL, said this during a conference of NNPCL’s stakeholders in Abuja.

Government implemented strategies increased oil output.

Kyari, who addressed the gathering through NNPCL’s Chief of Upstream Investment Bala Wunti, elaborated on the recovery of output from its low point in July 2022 to its present level of 1.67 million barrels per day by citing the success of the rectangle security method. The adoption of the Detect, Deter, Destroy, and Recover strategy is credited with this success. In addition to the use of surveillance tools, the Central Command and Control Centre was set up for centralized monitoring and coordination; the Whistle-Blowers Portal was introduced; and the Crude Oil Validation Portal was launched; all in an effort to combat oil theft and damage.


Related Link

NUPRC: Website


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AN-Toni
AN-Toni
Editor
9 months ago

FG discover new oil fields production.The new oil fields could produce about 681,000 barrels of crude oil per day.Express your point of view.

Iyanu12345ogg
Iyanu12345ogg
Member
9 months ago

The discovery will revitalize the oil sector and boost the country’s crude oil output and in an effort combat oil theft and damage, the use of surveillance tools should be provided.

Tonerol10
Tonerol10
Member
9 months ago

FG discover new oil fields production. Yes it will boost the revitalize the oil sector of the country’s crude oil output,

Hassan Isa
Hassan Isa
Member
9 months ago

The Nigerian federal government has been exploring new oil fields as part of an initiative to reinvigorate the country’s oil industry and increase the amount of crude oil the country produces.

Chibuzor
Chibuzor
Member
9 months ago

As a result of well re-entry and additional drilling, the commission expects there to be an increase in the amount of oil produced.

Adesanyaj72
Adesanyaj72
Member
9 months ago

As a result of well re-entry and additional drilling, the commission is expecting an increase in the amount of oil that is produced.

Nwachukwu Kingsley
Nwachukwu Kingsley
Member
9 months ago

In light of the current discoveries in the awarded fields, the new awardees are obligated to initiate an early Field Development Plan, which would result in increased oil and gas production.

Godsewill Ifeanyi
Godsewill Ifeanyi
Member
9 months ago

Within the context of the host communities, one component of the commission’s mandate is the need to work for the promotion of relationships that are conducive to and harmonious with one another among the many stakeholders.

Taiwoo
Taiwoo
Member
9 months ago

In an effort to prevent oil theft and damage, the Crude Oil Validation Portal was recently made available to the public.

Kazeem1
Kazeem1
Member
9 months ago

It contributes to the reduction of discontent in these areas and produces favorable conditions that are conducive to the growth of enterprises.

Abusi
Abusi
Member
9 months ago

There has been discovery of new oil fields over Nigeria. I hope these oil fields are well extracted and not misused and mismanaged.

Haykaylyon26
Haykaylyon26
Member
9 months ago

This is a good discovery of oil field which will increase to the total amount of oil will produce it will boost the oil economy if is well manage and used well

Ultra0711
Ultra0711
Member
9 months ago

Government needs to do everything to protect the old and new discovered oil filed from vandalism and theft if they actually plan to utilize it for the greater cause.

Adeolastan
Adeolastan
Member
9 months ago

The detection of another oil field is not the problem of Nigeria because the oil in the Niger Delta region is even enough for us as a country to develop or do whatever we want but corruption is our real enemy.

SarahDiv
SarahDiv
Member
9 months ago

It is our expectation that the new oil field should give an addition of 681,000 barrels of crude oil per day but provided that all conditions are meant.

DimOla
DimOla
Member
9 months ago

The new oil field discovered should be able to revitalize the oil sector adding about 681,000 barrels of crude oil per day. I hope it will be sustained. It is very important that the federal government make all conditions conducive for the effectiveness of the production.

Christiana
Christiana
Member
9 months ago

The finding will invigorate the oil industry and increase the country’s crude oil output; surveillance equipment should be made available to prevent oil theft and damage.

Bola12
Bola12
Member
9 months ago

If properly managed and utilized, this oil field finding might be a boon to the global economy.

Tolaniiii
Tolaniiii
Member
9 months ago

To revitalize Nigeria’s oil industry and boost the country’s crude oil output, the federal government has been actively seeking new oil resources.

theApr
theApr
Member
9 months ago

In an effort to revitalize the nation’s oil industry and boost crude oil production, the federal government of Nigeria has been looking into additional oil resources.

Remi1
Remi1
Member
9 months ago

The discovery will revitalize the oil sector and boost the nation’s output of crude oil; surveillance equipment ought to be made available to stop oil theft and destruction.