- Tinubu charged relevant industry stakeholders to join NUPRC in realising set goals of incremental oil production
President Bola Tinubu has tasked industry players to work with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to realise the One Million Barrels Oil Per Day (1MMBOPD) initiative.
Tinubu stated this on Monday in Abuja at the launch of the Project 1MMBOPD Initiative and the third anniversary of the NUPRC under the Petroleum Industry Act (PIA 2021).
The project is a collaborative NUPRC initiative to develop alternative funding mechanisms to unlock incremental oil production in the short to medium term, resulting in increased opportunities for all industry stakeholders.
Represented by Sen. George Akume, Secretary to the Government of the Federation, Tinubu charged relevant industry stakeholders to join NUPRC in realising set goals of incremental oil production targets within specific timelines.
He said the shared responsibility initiative would be a collaborative undertaking, involving government agencies, major producers, service providers, financiers, host communities and other stakeholders.
This, he said would expand government revenue, eradicate poverty and increase Gross Domestic Product (GDP) in a sterile, shared prosperity.
“These commitments will be critical in ensuring that we achieve an incremental production in the next 12 months. Growing not just production levels, but also increasing efficiency and competitiveness of our industries.
“This initiative is of national importance and it should support Nigeria’s economic recovery and growth,” the president said.
He said that when his administration came on board, it introduced policy reforms and interventions, and such on the path of stability, growth, and sustainability which had begun to yield fruits.
The president said his administration while focusing on decarbonisation approaches to oil and gas, a renewed drive for economic diversification, usage of oil and gas industrials and development, remained intact.