FG Speeds Up Approval For Oil Wells Revival
The Federal Government has shortened the time to approve dormant oil wells from weeks to hours to increase crude production.
The move aims to take advantage of high global oil prices hovering near $100 per barrel. The Nigerian Upstream Petroleum Regulatory Commission is leading the initiative.
Local oil firms are showing interest in reactivating idle wells as it is cheaper and faster than drilling new ones.
The commission has also simplified evacuation and barge deployment approvals to ease operational delays. Operators see this as a quick route to increasing output.
Nigeria’s crude output has fallen to about 1.31 million barrels per day, well below its target of 1.84 million. Low production has persisted despite past oil price surges.
Reviving dormant wells is viewed as the fastest way to bridge the gap.
Officials hope the fast-track system will boost supply in the short term, but challenges like oil theft and poor infrastructure remain.
The government is pushing for swift action from operators to turn approvals into actual production gains.
