The Nigerian Upstream Regulatory Commission (NUPRC) reports that the Nigerian government has discovered new oil fields with a daily capacity of 1.52 billion standard cubic feet of gas and 681,000 barrels of crude oil, which is projected to increase production. Gbenga Komolafe, the Chief Executive Officer of NUPRC, stated that new oil wells and well re-entry were projected to result in a rise in the volume of crude.

He said that the NUPRC had also awarded all of the 2020 Marginal Field Bid Round’s licences and given 50 of them to businesses and new owners. He thinks that the awarded fields’ current oil wells will boost oil and gas output. The commission, he continued, is pushing prompt permits for quick re-entry and early production in anticipation of a projected rise in output from the oil fields that have already been granted, which amounts to around 58,000 barrels of crude oil and 87 million cubic feet of gas per day.

The head of the NUPRC further disclosed that the Host Communities Development Trust would be implemented to carry out the provisions of the Petroleum Industry Act (PIA) 2021 that gave the commission responsible for fostering conclusive and peaceful relationships among stakeholders within host communities.

According to Komolafe, working with host communities is anticipated to create an atmosphere that would support the sustainable development of the nation’s hydrocarbon resources.