NNPC Targets 1 Billion Crude Oil Reserves Per Year

OILMONSTER.COM- Maikanti Baru, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) said the corporation would increase the country’s crude oil reserves by one billion barrels yearly to attain 40 billion barrel by 2020.
Mr Baru gave the assurance during his keynote address titled: “Driving Nigeria’s oil and gas Industry towards Sustained Economic Development and Growth,” at the ongoing 17th Nigerian Oil and Gas conference in Abuja on Tuesday.

He said the corporation was also working towards increasing daily oil production to three million barrels per day (bpd).

The NNPC boss said the corporation would also ensure that the Nigerian Petroleum Development Company (NPDC) grew its production to 500,000bpd of oil and 1.5Bscfd of gas by 2020.

He commended the innovative and bold strides of the organisers of the conference in providing a platform for the interaction and cross fertilisation of oil and gas industry ideas in Nigeria.

He said the event had become a household name and hoped that the gains would be sustained.

“The journey has been quite challenging and exciting as well. We have journeyed through hills and valleys, through bumps and stumps; nonetheless, our resilience has ensured that NNPC continues to stand shoulder high.

“According to him, the corporation’s outlook for 2018 and beyond is to be in the capital market to raise more finance for new oil and gas projects,” said Baru.

He said funds raised would be used to finance projects such as the NNPC/NAOC JV Idu-redevelopment, South Gas Project, North Gas Project and Central Gas Project.

The others are: NNPC/TEPNG JV’s Ikike Project, NNPC/SPDC JV Southern Swamp and Associated Gas Solution Step 2 Project amongst other new projects.

“We intend to sanction the multibillion dollars Bonga South West/Aparo (BSWA) project as soon as we conclude an agreement on the Heads of Terms with SNEPCO on the various pending PSC Arbitration disputes.

 Courtesy: www.premiumtimesng.com