NNPC targets production of three million barrels per day ― GMD

The Nigeria National Petroleum Corporation (NNPC), on Monday, said it was making series of efforts to increase nation’s oil production to three million barrels per day.

According to the corporation: “Exploration on the frontier basin is very critical, we have a vision to increase our nation’s reserve to 40 billion barrels and to increase the nation’s oil production to 3 million barrels a day.”

Its Group Managing Director (GMD), Mr Mele Kyari, announced this in Abuja at the 2nd Summit on Research Activities in Nigeria’s Frontier Basins, with the theme: “Nigerian’s Frontier Basins: Vehicle for Reserve, Growth Through R&D,” organised by the National Centre for Petroleum Research and Development (NCPRD) in collaboration with the NNPC, Nigerian Geological Survey Agency (NGSA) and Abubakar Tafawa Balewa University, Bauchi.

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He explained that the frontier basins become very attractive, after many years of activity without any tangible outcome until very recently when new gateways and opportunities were opened to the NNPC in house team through the discovery of oil in the Kolmani River Basin.

The GMD, therefore, called on stakeholders in the sector to pay attention to the frontiers, areas not explored, which include the ultra-deepwater in the Niger-Delta, the Anambra platform, and Chad Basin among others.

Mr Kyari said some of them are very active and with the understanding of the geology today, and the belief that oil would continue to be of significance, the country would continue to take advantages of the opportunities that are there and the NNPC would lead in the campaign.

In his opening remarks, the Chairman, Summit Planning Committee, Professor C. S Nwajide said oil industry pundits consider the global balance of hydrocarbons abundant although yet to be discovered and will prove more demanding in technology and fiscal outlay.

“Nigeria is not exempt from these prognostications. However, thanks to steadily improving and highly innovative technology, as recently demonstrated at a location not very far from here, there is good augury for rich rewards for efforts invested,” he explained.