The Nigerian National Petroleum Corporation (NNPC) has expressed its commitment to grow the Nigerian Petroleum Development Company (NPDC) crude oil production to 500,000 barrels per day by 2020.
The Corporation said it would also grow NPDC’s gas production to 1500mmscf per day within the same period.
Speaking at the ongoing Nigeria Oil and Gas Conference in Abuja on Tuesday, the Group Managing Director of NNPC, Dr Maikanti Baru, said everything was being done to achieve the target reserve growth as well as increase national crude oil production to three million barrels per day from the current 2.2 million barrels per day.
He also said NNPC would sustain frontier exploration in the inland basins to meet government’s aspiration to achieve crude oil and gas reserves of 40 billion barrels and 200 trillion cubic feet respectively by 2020.
Dr Baru put the current oil and gas reserves at 37 billion barrels and 192 trillion cubic feet (tcl) respectively.
“Furthermore, efforts are currently ongoing amongst all stakeholders to reduce the level of gas flare by converting most of the flared volumes to ensure commerciality of the gas resources”, he stated.
Speaking further on gas commercialization, Dr Baru said efforts were on to raise between $3.6 and $4.5 billion to build the Abuja-Kaduna-Kano (AKK) pipeline to help generate 3.2 gigawatts (GW) of electricity for the country.
“Beyond growing gas for the power sector, there has been a strategic positioning of the sector to support massive gas-based industrialization. We will incubate and midwife a portfolio of critical and mutually dependent investments (Central Processing Facilities, CPFs, Fertilizer, Petrochemical, Free Trade Zone, FTZ, infrastructure and Ports) which will jumpstart the gas revolution agenda. NNPC intends to develop or take equity in some of these gas-based industries such as fertilizer and others,” he said.
Another priority for the Corporation, according to the GMD, was the rehabilitation of the refineries, adding that his Management has secured the approval of the Board to pursue the rehabilitation with a view to increasing their capacity utilization to above 60 per cent.
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