The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) marked its third anniversary with the launch of the Project 1 Million Barrels of Oil Per Day (1MMBOPD) initiative.

Speaking at the event, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission Engr. Gbenga Komolafe, highlighted the NUPRC’s achievements since its formation in 2021, following the enactment of the Petroleum Industry Act (PIA).

With the theme, NUPRC@3, Transformation, Innovation, and Excellence, the CCE reflected on the Commission’s mission to enhance Nigeria’s Upstream Oil and Gas sector through transparency, efficiency, and accountability.

Komolafe emphasized that the NUPRC has strengthened investor confidence by developing 25 priority regulations, 17 of which have been gazetted.

He added that, the Commission has also achieved significant growth in Nigeria’s Oil and Gas reserves, with current figures standing at 37.5 billion barrels of Oil and 209.26 trillion cubic feet of Gas. This progress, he says was driven by collaborative efforts with industry stakeholders.

The highlight of the event was the unveiling of the 1MMBOPD project by President Tinubu, who was represented by the secretary to the government of the Federation, Senator George Akume.

Aimed at ramping up Oil production to meet the Presidential target. The initiative, is designed to create solutions and secure alternative funding for production growth, and is seen as critical for Nigeria’s energy security and economic resilience.

Komolafe expressed optimism for the future, encouraging industry stakeholders to continue their collaboration with the government to ensure the sector’s sustainability and growth.

On their part, the State Ministers for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and for Gas, Honourable Ekperikpe Ekpo, both commended the NUPRC for repositioning the Nigerian oil and gas sector, as well as the 1MMBOPD initiative. They urged industry players to take ownership of the projects for actualization.