By Hosea Parah, Abuja
Tony O. Elumelu, CFR, Chairman of Heirs Holdings Group, UBA Group, and Transcorp Group, has emphasized on the urgent need for transformation and innovation in Nigeria’s energy sector, He stated this at the 3rd anniversary celebration of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) held at the Transcorp Hilton in Abuja,
Elumelu congratulated NUPRC for its achievements over the past three years and highlighted the commission’s critical role in shaping the future of the oil and gas industry. He pointed out the serious challenges facing the sector, particularly the sharp decline in oil production, which has fallen from over 2 million barrels per day to below 1.5 million. This downturn, he warned, threatens Nigeria’s economic stability and demands immediate attention.
In response, Elumelu unveiled the “Project 1 Million Barrels of Oil Per Day” (1MMBOPD), an ambitious initiative designed to revitalize oil production in Nigeria. He outlined a comprehensive strategy that aims not only to increase output but also to modernize infrastructure, enhance security, streamline regulations, and attract investment. “This project is more than just numbers; it’s about ensuring the long-term health of our upstream sector,” he stated.
He also stressed the importance of gas in Nigeria’s energy framework, urging stakeholders to optimize gas resources alongside oil production. He noted that improving access to electricity through gas is vital for the country’s industrial growth.
Elumelu commended NUPRC for initiatives like the Nigerian Gas Flare Commercialization Programme, which effectively balances environmental sustainability with economic growth. He shared success stories from Heirs Energies, particularly the significant production increase at its OML-17 asset, highlighting the potential for growth through collaboration and innovation.
Throughout his address, the theme of collaboration resonated, with Elumelu calling for partnerships between international oil companies and local firms like Heirs Energies. He emphasized the importance of merging global expertise with local knowledge to drive innovation in the energy sector.
He also praised President Bola Ahmed Tinubu for his commitment to strengthening NUPRC and creating a conducive regulatory environment for the oil and gas industry. Elumelu urged all stakeholders to unite behind the vision of Project 1MMBOPD, emphasizing that collective action is essential to overcome challenges and position Nigeria as a leader in Africa’s energy transition.
“Let us move forward with courage, creativity, and an unwavering commitment to excellence,” he concluded, urging a united effort to transform Nigeria’s energy landscape for the benefit of all citizens.