The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed plans to reactivate its dormant oil wells as part of initiatives to boost oil and gas production in the country.
Gbenga Komolafe, the Commission Chief Executive, announced this at the Association of Energy Correspondents of Nigeria (NAEC) Annual International Strategic Conference 2023 held in Lagos at the weekend, The Sun reports.
Represented by Abel Nsa, Head of the National Oil and Gas Excellence Centre (NOGEC), he said other initiatives adopted by the Commission to increase oil and gas production include; frontier basins exploration, streamlined approval stages for field development plans, well intervention programmes among others.
‘‘Over the next few months, we are positive that we shall record a marked increase in our national oil and gas production volumes. Quick-win strategies such as our aggressive drive to reactivate shut-in and declining wells will boost production prior to the onset of more long-term initiatives like operations from the new Marginal Field awardees.
Also, the Commission is working alongside security operatives to bring a halt to the menace of crude oil theft, which has over the years contributed to a huge loss of production,’’.
The CCE added that the agency has begun the implementation of the Drill or Drop Provision with a comprehensive review of assets which have been undeveloped by operators.
Komolafe maintained that the Commission has stepped up efforts towards transparency in the sector, stressing that transparency in hydrocarbon accounting is essential in ensuring maximum value derivation by both the Government and stakeholders.