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Olugbemi. Adeyinka Ogunleye
3 months ago
Overview
2025 budget predicated on 2m barrels crude oil production – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2025 budget is predicated on 2.062 million barrels of crude oil production at 75 dollars per barrel. The NUPRC said Nigeria’s current production was averaging 1.7 million barrels, leaving a deficit of about 350,000 barrels to be bridged.
Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, made this known on Thursday in Abuja at the inaugural Petroleum Industry Stakeholders’ Forum organised by the Ministry of Petroleum Resources. Komolafe said in order to avert the budget deficit and revenue gap, the commission inaugurated the “Project One Million Barrel per Day Incremental Production Initiative” during its third year anniversary in 2024.
This initiative, he said, entailed that every player within the upstream value chain could operate in a one-stop shop economic system as against operating in silos, thereby failing to leverage optimum capability and economic of scale.
