President Bola Tinubu has called on industry stakeholders to work closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to realize the ambitious one million barrels of crude oil per day (1MBOPD) initiative.
This announcement came during the inauguration of the initiative on Monday, coinciding with the third anniversary of the NUPRC under the Petroleum Industry Act (PIA 2021) in Abuja.
The 1MBOPD initiative is designed to develop alternative funding mechanisms aimed at unlocking incremental oil production in the short to medium term, while also expanding opportunities for various stakeholders in the industry.
Represented by George Akume, Secretary to the Government of the Federation, President Tinubu emphasized the importance of collaboration among key players, including government agencies, major oil producers, service providers, financiers, and host communities. He noted that achieving the production targets would significantly boost government revenue, alleviate poverty, and enhance the country’s gross domestic product (GDP) through shared prosperity.
“These commitments are crucial for realizing incremental production within the next 12 months,” Tinubu stated, highlighting the goal of not only increasing production levels but also enhancing efficiency and competitiveness within the industry. He underscored the national significance of the initiative in supporting Nigeria’s economic recovery and growth.
Tinubu pointed out that since taking office, his administration has implemented several policy reforms aimed at promoting stability, growth, and sustainability within the oil and gas sector. He expressed satisfaction with the positive results these reforms have begun to yield, particularly in terms of financial and investment decisions across the industry value chain.
“We must focus on growing production, ensuring domestic energy security, and enhancing foreign exchange earnings,” the president added. He congratulated the oil and gas sector for modest gains, reporting an increase in production to 1.6 million barrels per day.
The president acknowledged the collaborative efforts of the NUPRC and industry stakeholders in transforming executive mandates into tangible progress towards the 1MBOPD goal. He asserted that boosting oil production would create job opportunities, increase government revenue, and provide a more stable energy supply.
In closing, President Tinubu commended the ministers of state for petroleum resources, the NUPRC, the Nigerian National Petroleum Company (NNPC), and industry leaders for their ongoing efforts to address challenges and foster development within the sector.
