The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has constituted a committee to address issues with Nigeria’s inactive crude oil blocks.
Kelechi Ofoegbu, the Executive Commissioner, Economic Regulation and Strategic Planning, NUPRC, said this at a consultation forum on Friday in Abuja.
Ofoegbu spoke to journalists at the end of the 4th Phase of its Consultation Forum with relevant operators on regulations development as mandated by Section 216 (4)(g) of the Petroleum Industry Act (PIA).
The committee, he said, would adopt holistic measures to reverse the trend of the 23 failed oil blocks being managed by oil companies under the Production Sharing Contracts (PSC) with Nigerian National Petroleum Company (NNPC) Limited.
Recall that the latest Oil and Gas Industry Report for 2021 released by the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that 23 oil blocks managed by both international and local oil companies under crude oil PSC with NNPC Ltd either failed to produce crude or were inactive.
Speaking on the sector’s overarching mandate, Ofoegbu said from the initial production of 1.2 million barrels per day of crude, the aim was to exit 2023 with two million barrels per day.
