Nigeria to increase crude reserves to 40 billion barrels – NNPC

The committee says the NNPC had persistently failed to present relevant details of its financial operations to the satisfaction of the lawmakers

“There is an aggressive exploration campaign offshore, onshore and in the inland basins.”

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The Federal Government says it is working to increase the national crude oil reserves to 40 billion per day and increase production to four million barrels per day.

The Group Managing Director, GMD, of the Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu, said this in Uyo on Saturday at the ongoing media workshop for energy editors and correspondents.

“Ahead of this, there is an aggressive exploration campaign in offshore, onshore and the inland basins of Chad, Anambra, Benue, Bida and Sokoto Dahomey. We are also carrying out infield developments which have resulted in increased reserve and with the intensified approach, including the expedited action on new projects like Egina, the reserve and production targets is realisable,” he said.

The GMD said that over 1,000 square kilometres of seismic data had been acquired in the Chad Basin in spite of the security situation in Borno State.

Mr. Yakubu said that revamping of the corporation’s critical downstream facilities such as the refineries, depots, pipelines and jetties had remained the focus of the management.

He said that these efforts would ensure seamless supply and distribution of petroleum products nationwide.

He however disclosed that over 500,000 barrels of oil per day were potentially at risk due to incessant vandalism of four main crude export pipelines in the country.

The four main pipelines, according to him, include the Trans Forcados Pipeline to the West; the Ogbanbiri/Temidaba/Brass pipelines in the centre; the Trans Niger Pipeline and Nembe creek trunk line to the East.

“When these pipelines are compromised and vandalised, over 500,000 barrels of oil per day are potentially at risk,” he said.

Mr. Yakubu, who put the current daily production output at 2.3 million barrels of oil per day in the current challenging environment, said the output could be regarded as a feat in itself.

Speaking on the use of natural gas as energy of the future, Mr. Yakubu said the NNPC was ready to promote domestic consumption of the liquefied natural gas, otherwise known as cooking gas, across the length and breadth of the country.

He said that the initiative was part of efforts to reduce the pressure on kerosene consumption.

Mr. Yakubu said NNPC was refocusing its strategy to encourage and aggressively grow the consumption of LPG which provides a cleaner and cheaper energy alternative.

“NNPC’s footprint in the domestic gas market has attained unprecedented growth with the commissioning of the NPDC’s 100 million standard cubic feet of gas per day Oredo gas processing facilities and the acquisition of the new assets. Nigerian Petroleum Development Company is now the biggest producer and supplier of gas into the domestic market, contributing over 400 million standard cubic feet of gas per day.” he said.

(NAN)


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