According to a report by The Guardian, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is expediting the conclusion of regulatory oversight on the ongoing oil assets divestment by International Oil Companies (IOCs).
This move is expected to increase Nigeria's daily oil production by at least 700,000 barrels per day to a total of about 2 million barrels per day before the end of the year.
According to the Commission's Chief Executive, Gbenga Komolafe, "We are working assiduously to ensure that all the necessary regulatory approvals are issued promptly to facilitate a seamless divestment process."
He emphasized that the goal is to ensure that the country's oil production capacity is optimized, and the revenue generated is used to drive economic growth and development.
The IOCs, including Shell, ExxonMobil, Chevron, and TotalEnergies, are divesting their interests in some oil blocks to local operators, a move expected to increase Nigeria's oil production and boost the economy.
This development is seen as a significant step towards increasing Nigeria's oil production and reducing dependence on imported petroleum products.
With the NUPRC's swift approval process, the country is poised to achieve its oil production targets and solidify its position as a major player in the global oil market.
The increased production capacity is also expected to attract new investments in the sector, create jobs, and stimulate economic growth.
The NUPRC's move is a welcome development for the oil and gas industry, as it demonstrates the government's commitment to creating a favorable business environment and promoting local content development.
As the country continues to navigate the challenges of the global energy transition, this development is a significant step towards ensuring energy security and economic prosperity.