FG rallies upstream operators on new investments to meet production targets | The Guardian Nigeria News


As Nigeria’s production volume continues to decline due to lingering technical challenges and theft, the Federal Government has rallied upstream operators on the need to increase investment and embrace the use of artificial intelligence, virtual and machine learning in exploration and production.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the industry is plagued by investor skepticism, high-level competition, climate change and clamor for a clean environment, thus necessitating a paradigm shift in the exploration and production value chain, to stay afloat.

Nigeria’s production in the last few months has been below budgetary benchmark dropping to 1.37 million barrels a day in October, 261,000 bpd below its OPEC+ quota.

The latest monthly report of the Organisation of Petroleum Exporting Countries (OPEC) also showed that Nigeria’s rig count slumped to nine from 11.

The Chief Executive Officer, NUPRC, Gbenga Komolafe, at the ongoing Nigerian…

Source: Guardian Newspaper

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