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Tony Elumelu Calls for Innovation, Collaboration to Revitalize Nigeria’s Oil Sector

Chairman of Heirs Holdings Advocates for Project 1 Million Barrels Per Day as Nigeria Celebrates 3rd Anniversary of Upstream Petroleum Regulator

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Tony Elumelu, Chairman of Heirs Holdings, UBA Group, and Transcorp Group, delivered a compelling goodwill message at the 3rd anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, urging for bold action to reverse Nigeria’s declining oil production. The event, held at the Transcorp Hilton on October 21, 2024, centred around the theme “Transformation, Innovation & Excellence,” a message that resonated deeply with Elumelu’s call for renewed collaboration and investment in the country’s upstream petroleum sector.

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In his address, Elumelu lauded NUPRC for its pivotal role in addressing the challenges facing Nigeria’s oil industry, but also underscored the urgency of addressing the nation’s declining oil output, which has dropped from over two million barrels per day to less than 1.5 million barrels. “This decline translates to lost revenues, reduced global market share, and missed opportunities for national development,” he warned.

Elumelu highlighted NUPRC’s “Project 1 Million Barrels of Oil Per Day” (Project 1MMBOPD) as a critical initiative to reverse the downward trend. He called for a multifaceted approach that includes infrastructure modernization, enhanced security, streamlined regulation, and a focus on attracting both domestic and international investments. He also emphasized the importance of gas in Nigeria’s energy mix, citing its potential to improve access to electricity and support industrialization.

Drawing from his own experience, Elumelu shared the success of Heirs Energies in doubling production at OML-17, while also addressing the challenges posed by crude theft. He called on international oil companies to collaborate more with indigenous firms to drive innovation and excellence in the sector.

Elumelu concluded his remarks by commending President Bola Ahmed Tinubu’s support for strengthening the regulatory framework and urged all stakeholders to rally behind the vision of Project 1MMBOPD. “Together, we can build an energy sector that not only meets Nigeria’s needs but also positions us as a leader in Africa’s energy transition,” he stated.

The anniversary event underscored NUPRC’s continued efforts to promote sustainability and innovation within the sector, as Nigeria seeks to transform its oil and gas industry amidst global energy challenges.

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