Nigeria to Increase its Crude Oil Production to 3 Million BPD – NNPC
The Nigeria National Petroleum Corporation (NNPC), has said that it plans to increase its crude oil production to 3 million Barrels Per Day in the year 2025.
Group Managing Director of the NNPC Mele Kyari, disclosed this while at the opening of the 2019 Nigeria Annual International Conference and Exhibition, NAICE, on Monday, August 5 in Lagos.
Kyari added that the corporation is working with its partners to grow the national reserve to 40 billion barrels by 2025 and improve crude oil production to three million barrels per day.
He explained that to arrive at that figure, the NNPC must attract capital through massive investment across its value chain to drive the goal.
“NNPC, with our partners, are driving the national aspiration to grow the national reserve to 40 billion barrels by 2025 and improve crude oil production to three million barrels per day, Kyari noted.
“To achieve this ambition, a huge investment is required across the value chain. We have to attract investments to deploy improved technology in the exploration and production of hydrocarbons from inland as well as the ultra-deep offshore basins.
“We have to open up the midstream, complete all critical gas development projects targeted to deliver about three billion SCFD to gas market, ensure the close-out of investment decision on NLNG Train 7 and improve domestic utilisation to improve power generation and industrial growth.
“Nigeria is still a net importer of petroleum products due to the current state of our refineries, and the long absence of private investment in the refining sector. We require more investments to revamp and expand our domestic refineries and associated infrastructure to support the growth of the downstream sector and guaranty energy security to the nation.”
He further said that the industry had been significantly challenged by several factors, ranging from lack of adequate fiscal policy, regional security, market volatility, sabotage, to theft, among others and proffered lack of data gathering continued to pose a serious challenge to the industry.
Explaining the benefits of digitisation which, among others, will bring about efficiency and improved production and cost-effectiveness, he said, “We will, therefore, fix our refineries, help Dangote refinery come onstream, and also intervene in facilitating modular refineries, and at the end, we stop product importation.”
Why Dangote Refinery will not Compete with NNPC
Nigerian Billionaire Mike Adenuga’s Firm in Court Over Alleged $775,000 Debt
Nigerian Billionaire Mike Adenuga’s firm, Conoil Producing Limited, has been dragged…