The Federal Government has discovered new oil resources with a daily production capacity of 1.52 billion standard cubic feet of gas and 681,000 barrels of crude oil, respectively.” The Chief Executive of NUPRC, Gbenga Komolafe, described the incremental amounts of oil that were anticipated from new wells and well re-entry in the paper that was received by our reporter in Abuja.
The approved fields are expected to produce an additional 58,000 bpd and 87 mmscf/d. “We anticipate new wells and well re-entry to add an estimated 461,000 bpd and 565 mmscf/d of volume in the short- to medium-term.
He continued by saying that the NUPRC was pleased to announce that the commission has authorized more than 60 Host Community Development Trusts.
Attempts have been made by the Federal Government and its agencies to increase country’s crude oil output in a bid to meet the 1.8 million barrels per day quota approved for Nigeria by the Organisation of Petroleum Exporting Countries.