NUPRC eyes $2.4b monthly revenue from additional 1mm BOPD oil production

The Nigerian Upstream Regulatory Petroleum Commission (NUPRC) Monday said an additional 1 million barrels of crude oil, translating to about $2.4 billion in monthly revenue, will be produced in Nigeria.

This development, announced at the third anniversary of the agency and the launch of the initiative, is expected to bring all the oil companies operating in the country to the table to push and achieve the goal.

While Nigeria is struggling to boost its oil production with grave impacts on the country’s economy and foreign exchange, the addition of 1 million barrels per day would significantly increase the country’s total oil output to about 2.3 million barrels per day.

The National Assembly, the Nigerian Navy, and financial institutions, including the head of the United Bank for Africa (UBA), Tony Elumelu, heads of international oil Companies and those of independent players at the event in Abuja, pledged to make the plan a reality.