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Although Nigeria’s oil production remains dismal at 1.3 million barrels per day amidst theft and vandalism, Nigerian Upstream Regulatory Commission , yesterday, said the production would hit two million barrels by the end of this year.Although Nigeria’s oil production remains dismal at 1.3 million barrels per day amidst theft and vandalism, Nigerian Upstream Regulatory Commission , yesterday, said the production would hit two million barrels by the end of this year.
“There is already a committee that is focused on that. There are reasons the production was at about 23 per cent in 2021 and we and the operators are all aware of the challenges. We are looking at it holistically and coming out with measures that will reverse that trend,” Komolafe said. “That can only happen in an atmosphere where the regulations are fair enough to operationalise what the law has said in the Petroleum Industry Act,” he said.
The amendment to the host community regulation would introduce certain amendments to the existing regulation on the implementation of the host community regime to further ease the administrative process and provide regulatory clarity to the challenges that the implementation of the regime has thrown up in the last one year since the initial regulation was established.
The Minister of Power, Chief Adebayo Adelabu, has met with the management team of power generating companies and the distribution companies , urging them to improve on their performance.Although Nigeria’s oil production remains dismal at 1.3 million barrels per day amidst theft and vandalism, Nigerian Upstream Regulatory Commission , yesterday, said the production would hit two million barrels by the end of this year.
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