By Onwe Wisdom
Nigeria Upstream petroleum Regulation Commission (NUPRC) has lauded president Bola Tinubu’s commitment to the sector, citing insecurity and low investment as a major challenge of the sector.
The Commission Chief Executive Officer, Engr. Gbenga Komolafe disclosed this yesterday Monday while addressing senate committee on finance during an interface with senators in the committee emergency investigative session to discuss state of the nation’s economy with critical sectors of the economy.
Addressing the committee, CEO Gbenga said the major issue that have bedevilled the upstream, oil and gas sector in Nigeria, besides the menace of domestic challenges ranging from infrastructural gap, crude oil theft, and insecurity; the major challenge confronting the sector is the low level of investment portfolio.
Says president Bola Tinubu in tandem with the “Renewed Hope Agenda” in his magnanimity and effort to open investment window in the sector has removed the bureaucracy hindering mobilization of investments in the sector; hence, call for investment mobilization in the sector.
Responding to the committee chairman’s question on the crude oil production capacity of the nation and what is produced.
He said “Nigeria as a crude producing nation is endowed with 37.5 billion barrels of crude oil. It is part of the statutory obligation of NUPRC to make declaration in terms of our reserve. So, as at April this year, the commission declared, verified, validated 37.5 billion barrels of crude and 209 trillion cubic feet of gas as our reserve.
“The nation’s daily oil production stands at about 1.58 million barrels per day.
“we suffer production to reserve ratio; we suffer worse carpet to reserve ratio, which is the most serious issue we are facing.
“Nigeria, as we speak, is plagued with one of the lowest in terms of carpet to reserve ratio among other nations. That illustrates the fact that the major issue we are facing is in terms of the low level of carpets in the industry.
The chairman of the Senate Committee on Finance, Senator Sani Musa (Niger East) in his opening while calling the committee to order said the reason for the session is for the committee and critical sector to have a conversation on the economy and how the economy can be improved on generally.
Reacting to the absent of NUPRC in the committee previous invite, Dst. Sen. Sani Sues for prompt appearance adding that it is the constitutional responsibility of agencies to appear before the parliament whenever invited.
