The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced an increase in daily crude oil production, rising from 1.25 million barrels per day in June to 1.61 million barrels as of July 23, 2024.
Gbenga Komolafe, the chief executive of NUPRC, shared this information while addressing the House of Representatives Special Committee on Public/Investigative Hearing on Oil Theft and Losses.
Nigeria’s crude reserves are the largest in Africa. Komolafe stated that Nigeria remains the continent’s leading crude oil producer, with reserves of approximately 37.50 billion barrels and a production capacity of 2.19 million barrels per day.
Komolafe said:
“The NUPRC has introduced several innovative measures to enhance transparency and accountability.”
He highlighted additional measures for ensuring accountability, including the implementation of the Advanced Cargo Declaration (ACD) Regulation to prevent oil exports without proper documentation and the assignment of unique identification numbers to each cargo.
He also mentioned the Upstream Metering Regulation, which requires reliable metering systems for accounting all hydrocarbon production exports, real-time cargo tracking, and digital documentation to improve visibility and efficiency in cargo operations.
