Business
Local Firms Produce 30% Oil, Gas – NUPRC

Chief Executive Officer (CEO), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, says indigenous firms account for the production of about 30 per cent and 20 per cent of crude oil and gas respectively.
Speaking at the Independent Petroleum Producers Group (IPPG) dinner at the 21st Nigerian Oil and Gas Conference and Exhibition in Abuja, Komolafe said “as at today, I am proud to say that indigenous companies contribute about 30 per cent of crude oil and 20 per cent of the gas production, as well as 40 per cent and 32 per cent of oil and gas reserves.”
He diclosed that seven indigenous companies are among the top 20 companies with the highest oil reserves in Nigeria.
Komolafe noted that the commission is not oblivious of the threat posed to the development of the hydrocarbon industry by divestments of the International Oil Companies (IOCs).
The impetus for divestment by the IOCs, according to him, is mainly attributable to the hostile upstream petroleum environment arising from crude oil theft and energy transition as a global response to the advocacy for reduction in carbon emissions.
As far as NUPRC is concerned, he stated, IPPG and other prospective indigenous players should see the IOCs divestment in some of the upstream assets as an opportunity rather than a threat to the development of the Nigerian upstream petroleum sector.
“It is indeed the right time to look inwards in the sector to prove the capability of the local content in value addition and optimising development of the nation’s hydrocarbon resources”, he emphasised.
The theme of the event was ‘International Oil Industry Divestments- Nigeria’s Energy Security, and The Role of the IPPG in this New Mix’.