According to NUPRC, the primary aim is to boost oil production and guide investment planning.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its integrated industry-wide study to reactivate shut-in wells in the short, medium, and long term is at the report writing stage.
The NUPRC said the integrated industry-wide study which it inaugurated to ascertain shut-in wells that could be reactivated had been concluded and was at report writing stage.
NUPRC chief executive Gbenga Komolafe disclosed this on Monday in Abuja at a news conference to highlight the achievements of the commission since inception in 2021.
According to him, the primary aim is to boost oil production and guide investment planning.
“In addition, the study aims to optimise recovery factor via identification of EOR/IOR candidate wells and recommend low hanging potentials to boost National production,” stated the NUPRC boss.
Mr Komolafe added that it had awarded 47 petroleum prospecting licences to winners of marginal fields during the 2020 marginal field bid round.
The commission also ensured the development of model licence and model lease in conjunction with Legal and Compliance and Enforcement (C&E) SBU and renewal of OMLs 128, 130, 132, 133 and 138, he explained, saying the move is critical to the development and increased production of oil and gas.
According to Mr Komolafe, NUPRC has within the past one year achieved, among others, declaration of the nation’s reserves which stands at oil and condensate reserves 37.046 MMMB.
“This indicates an increase of 0.37 per cent compared to 2020 figures. Life index stands at 60 years. Gas reserves of 208.62 TCF indicates an increase of 1.01 per cent compared to 2020 figures. Life index stands at 88 years,’’ he said.
(NAN)
