NNPC harps on growing Nigeria’s oil reserve to 40bn barrels
The Nigerian National Petroleum Corporation (NNPC) has insisted that the country’s ambition to grow her crude oil reserve to 40 billion barrels and three million barrels per day crude production by 2025 is still feasible.
It, however, gives conditions under which such an ambitious project is possible by stating that huge investments are required across the industry value chain.
Speaking at an international conference and exhibition organised by the Society of Petroleum Engineers, Nigeria chapter Monday in Lagos, Mele Kyari, group general manager of NNPC, said the corporation with its partners were driving the National aspiration to grow the National reserve to 40 billion barrels by 2025 and improve crude oil production to 3 million barrels/day.
“To achieve this ambition, huge investments are required across the
value chain,” he said, as the industry needed also to attract investments that would allow for the deployment of improved technology in the exploration and production of hydrocarbons from inland as well as the ultra-deep offshore basins.
We have to open up the midstream, complete all critical gas development projects targeted to deliver about 3Bscfd to gas market, ensure the closeout of investment decision on NLNG Train 7 and improve domestic utilisation to improve power generation and industrial growth, he said.
On the importation of refined products into the country, he stated that Nigeria was still a net importer of petroleum products due to the current state of our refineries, and the long absence of private investment in the refining sector.
He said more investments are required to revamp and expand our domestic refineries and associated infrastructures to support the growth of the downstream sector and guaranty energy security to the nation.
To address the issue of the refineries and petroleum products importation, he explained that the country was progressing with the establishment of Condensate Refineries to fast-track domestic supply of petroleum products.
“In the same vein, the Corporation would support the actualisation of the 650 kb bl/ day dan go te refinery, as well as other private initiatives along this line,” he said.
He said the plan of the country was to become net exporter of petroleum products by 2023, stating that this would offer our Petroleum Engineers and other professionals the opportunity to render critical services and share in the drive to develop our country.
Kyari stated, however, that taking the first step to grow reserve, expand the frontiers of our production requires enabling environment to attract the investment that is being subdued by our fiscal regimes.