FG Plans To Raise Oil Reserves By 40 Billion Barrels

THE Federal Government is planning to increase its oil reserves by 40 billion barrels and gas reserves to 220TCF by 2030.

Also, the government is planning to increase oil production capacity to three million barrels per day.

Director, Department of Petroleum Resources ( DPR), Mr. Sarki Auwalu, disclosed this at the Second Quarter, 2021 Business Dinner of The Petroleum Club, Lagos sponsored by AA Holdings.

He revealed that the Federal

Government’s target is to dominate the oil and gas market in the West African region with its ongoing refinery revolution and decade of gas initiative.

“Nigeria must rewrite its history and reverse the resource curse syndrome which had plagued the country for decades by ensuring utilisation of its vast oil and gas resources for national development.

“The country has the population size and is geographically positioned to be a dominant player in the regional oil and gas market,” Auwalu said.

According to the DPR boss, the targets are achievable with the ongoing rehabilitation of the nation’s refineries, the coming on stream of the Dangote Refinery and other modular refineries that are under construction.

None of the West African countries, he said, has a refinery producing Premium Motor Spirit and this presents a great opportunity for Nigeria.

“We can take over the market and it is a future we are looking forward to”, he added.

Auwalu said the focus on development of the nation’s gas resources would help transform Nigeria to a gasbased economy, which would create employment opportunities for the populace.

“The passage of the Petroleum Industry Bill ( PIB) by the National Assembly was needed to drive these initiatives because it would provide clarity in the legal framework, institutional alignment and improved investment climate,” Auwalu added.