Oil producing fields upward push to 246, says FG

Nigeria now produces low oil from over 246 fields across the country and operates 188 production stations/platforms, the Federal Government has talked about.

Records got in Abuja on Friday from the Nigerian Upstream Petroleum Regulatory Commission, an company of the Federal Government, indicated that Nigerias oil-producing fields had been on the upward thrust since the important commercial oil discovery within the country by Shell Darcy at Oloibiri, Bayelsa Insist, in 1956.

The NUPRC doc, which inquisitive about stability within the oil sector, read in allotment, Since 1956, the Nigerian upstream oil and gas landscape has grown with the development and set up of various oil and gas facilities.

With over 246 producing fields, 2,777 producing strings, 188 production stations/platforms, four gas terminals, five land terminals, 11 FSOs (Floating Storage and Offloading Items), 18 FPSOs (Floating Manufacturing Storage and Offloading), and various other facilities at quite lots of stages of development, Nigeria is poised to enhance production and red meat up vitality security.

Nigeria has been recording enhancements in oil outputs and installations recently.

Recall that Sunday PUNCH reported on March 17, 2024, that the replacement of realistic oil drilling rigs across the country elevated marginally to 16 in February.

The legend talked about that this used to be in accordance to recordsdata from the March 2024 Month-to-month Oil Market Anecdote of the Organisation of Petroleum Exporting Nations.

Figures launched by OPEC indicated that the countrys oil rigs elevated from 15 in January to 16 in February, a development that industry operators described as vital for the production of low.

OPEC recordsdata, constant with Sunday PUNCHs legend, showed that the country operated an moderate of 13, 16 and 14 oil rigs within the 2nd, third and fourth quarters of 2023, respectively.

An oil rig/platform is an ideal structure with facilities to extract and route of petroleum and pure gas that lie in rock formations beneath the seabed.

Nigeria, as an oil/gas-rich country, drills low oil day after day from onshore and offshore sources for export.

It earns more than 80 per cent of its foreign places exchange from oil; hence, the replacement of realistic oil drilling rigs across the country is well-known.

In the intervening time, in one of the well-known common NUPRC doc got on Friday, the commission eminent that given the present security challenges across the country, deliberate security of oil and gas resources used to be paramount.

It described oil resources apart from-known, no longer correct for the countrys financial system but additionally for the successfully-being of its voters and sustainable development of the nation.

Although the precise nationwide production at demonstrate averages 1.33 million barrels of oil per day and 256,000 barrels of condensate per day, the nationwide technical production possible at demonstrate stands at 2.26 million bpd, while the present OPEC quota is 1.5 million bpd.

Closing the outlet between the precise oil production and the technical possible gifts a serious opportunity for Nigeria to release extra income streams, address the present foreign places exchange gap and strengthen her financial resilience.

Enhanced security for oil and gas infrastructure and transportation facilities is a classic teach of attaining this diagram, the commission talked about

It eminent that by adopting an integrated methodology that addresses infrastructure, transportation, and security challenges holistically, Nigeria would foster stability, sustainability and resilience interior its vitality sector.

Such integrated procedure would recognise the interconnectedness of moderately a few sides of the vitality worth chain and emphasise the want for collaboration amongst authorities agencies, security forces, industry stakeholders, and international partners to put in drive focused ideas and initiatives.

The many sides consist of funding in new infrastructure tasks, maintenance of existing resources, development and deployment of common technologies, investments in pipelines, virtual pipelines, ports, railroads, and highways to facilitate the transportation of vitality resources.

It additionally entails imposing complete safety features to safeguard vitality infrastructure and resources from threats equivalent to vandalism, theft, sabotage, and cyber assaults.

The methodology additionally requires the establishment of definite policy frameworks and regulatory mechanisms to toughen funding, promote competitors, and verify transparency and accountability all over the vitality sector, the upstream regulator talked about.