THE Nigerian National Petroleum Corporation (NNPC) has said it plans to increase Nigeria’s crude oil reserves to 40billion barrels by the year 2020 from the current 37billion barrels reserves.
Speaking at the Nigerian Oil and Gas Conference in Abuja on Tuesday, the Group Managing Director (GMD), NNPC, Dr Maikanti Baru, stated that the corporation also aims to increase national oil daily production to three million barrels per day from its current 2.3million barrels per day.
He stated further that despite the inherent challenges in the oil and gas sector, “there is no gainsaying the fact that capital and investment thrive when there are clear policies, strong regulatory framework and institutions, fiscal stability and adherence to high governance codes.”
He also said to spur the much-needed investment in the oil and gas sector, “government has issued an updated oil and gas policy, initiated the process for enacting a new Petroleum Industry and Governance Bill (PIGB) that provides clarity on government institutions and their roles in the industry.”
In terms of gas production and consumption, he said domestic demand for gas in Nigeria is expected to rise exponentially to 7500million standard cubic feet/day (scuf/d) in next five years from 4000 million scuf/d.