Eyesan: NUPRC May Adopt Biannual Licensing Cycles to Raise Oil Output
Sees 4 million bpd production in 10 years Emmanuel Addeh in Abuja The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) may begin conducting oil licensing rounds twice yearly as part of strategies
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) may implement biannual oil licensing cycles to boost crude oil production, according to the commission’s Chief Executive, Mrs Oritsemeyiwa Eyesan. Eyesan highlighted that these more frequent licensing rounds aim to attract new operators, streamline investment, and hasten the delivery of assets to the market.
The regulator hopes to increase Nigeria’s crude oil output from 2 million barrels per day (bpd) to 4 million bpd within the next 8-10 years through sustained investment, regular licensing rounds, and improved asset development.
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