The Commission Chief Executive of the Nigerian Upstream Regulatory Commission, Engr. Gbenga Komolafe, has outlined initiatives and strategies aimed at boosting investment, optimizing production, and enhancing transparency to position Nigeria as a significant player in the global energy landscape.
This was during his presentation on “Deep-Water Exploration and Production in Nigeria” at the 2024 Nigerian Oil and Gas (NOG) Energy Week Conference in Abuja on Thursday at the International Conference Center.
Speaking on future developments and opportunities in Nigeria’s deep-water sector, Engr. Komolafe highlighted that projects such as OML 145 – Nsiko field and OML 118 – Bonga Southwest/Aparo field present substantial investment opportunities. These matured fields and new field developments are expected to yield significant oil recovery.
According to the CCE, Nigeria’s reserves and production distribution cut across different terrains, emphasizing the potential for offshore and deep offshore fields. On the Licensing Round Schedule and Rig count, Engr. Komolafe pointed out that the 2024 Licensing Round, scheduled from May to December, is expected to further boost investment, with 31 blocks available for bidding. The rig count continues to increase since the passage of the Petroleum Industry Act (PIA).
He added that the new Fiscal Provisions and Presidential Executive Order, including tax incentives for greenfield developments and deep-water projects, aim to enhance Nigeria’s competitiveness in the global market. These measures also aim to streamline contracting processes and ensure compliance with local content requirements.
Also speaking on investment promotion and value creation, Engr. Komolafe was specific about the Nigerian Gas Flare Commercialization Programme (NGFCP) as an initiative to reduce methane emissions and promote carbon capture, underscoring Nigeria’s commitment to achieving net-zero targets.
During the presentation, the Commission Chief Executive provided insights on divestment achievements, optimizing production, and enhancing transparency.
