The Nigerian Upstream Petroleum Regulatory Commission has stressed that an abundance of opportunities still remained to be harnessed in the country’s oil and gas sector despite the current global energy transition to net-zero carbon emission.
The Chief Executive Officer of NUPRC, Mr Gbenga Komolafe, says the commission had set for itself the target of growing Nigeria’s oil reserves to 40 billion barrels by 2030 and is poised to grow Nigeria’s gas reserve to 210 TCF by 2030 and raise the country’s oil production capacity to three million barrels per day and gas production capacity to 12 Bscf within the same time frame of 2030.
He also stated that the shift from fossil fuels to greener energies would have implications for developing nations, which would struggle to cope with the trend even with abundant resources while the already developed nations would have a good head start.