Nigeria, Sept. 10 -- Just about this time last year, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced an ambitious programme to increase Nigeria's crude oil output by one million barrels per day, over a 12 to 24-month period. When the Commission's Chief Executive, Engineer Gbenga Komolafe made this proclamation, those acquainted with the country's oil and gas industry travails viewed it as another aspirational pronouncement aimed at maintaining public relevance, seemingly unattainable.

However, those knowledgeable about Nigeria's hydrocarbon potential recognised that achieving and even surpassing that production level primarily required removing cumbrous entry barriers, accelerating production via bid rounds and ri...