Nigeria Set New Crude Reserve Target at 40 billion Barrels by 2023

Nigeria has set a new crude reserve target for 40 billion barrels by 2023, the Nigerian National Petroleum Corporation (NNPC) has said.

According to a report by The Punch, the Group Managing Director of the NNPC, Mele Kyari, said on Tuesday, that significant progress had been made in the ongoing exploration of inland basins and that the target of growing the nation’s reserve to 40 was realistic and achievable.

While receiving the leadership of the Nigerian Association of Petroleum Explorationist at the NNPC towers in Abuja, Kyari made his submission.

This is coming as the oil firm also clarified issues surrounding the redeployment of 12 management staff of its subsidiary, Nigerian Petroleum Development Company.

In a statement issued by the Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, stated that the corporation was revving up exploration activities in all the frontier basins to achieve the three million barrels per day crude oil production target within the shortest possible time.

Kyari said the national oil company would invest more efforts and resources in the search for hydrocarbons in the frontier basins and the ultra-deep water basin in the Niger Delta in order to grow the nation’s reserve base.

The GMD said, “We promise that we are going to be transparent and accountable to all our stakeholders. We will drive this company to become a company of global excellence through excellent performance. This is very possible and there are strong indications that this is achievable.”

He stated that the corporation would galvanise its partners in the direction of attaining national goals and aspirations for the economic wellbeing of the nation and its citizens.

Kyari assured his guests that the corporation, with the collaboration of other arms of the Federal Government, would create a favourable fiscal landscape that would encourage the inflow of foreign direct investment into the nation’s oil and gas industry.

On the commercial level, he said NNPC would continue to meet its cash-call obligations to its joint venture partners on a sustainable basis to enable the international oil companies to go back to exploration.

He called for the support of NAPE to enable the nation to attain the three million barrels per day and the 40 billion reserve aspiration going forward.

The President of NAPE, Ajibola Oyebamiji, assured Kyari of the association’s support in growing the nation’s reserve base.

On changes at NPDC, the corporation stated that the redeployments of 12 management staff of its flagship upstream subsidiary was aimed at repositioning the company to meet its production and reserve targets.

NNPC Chief Operating Officer, Upstream, Rowland Ewubare, said the re-organisation became imperative following the urgent need of the current management to grow the NPDC into a big-time exploration and production player in Nigeria.

Also Read: Nigeria to Increase its Crude Oil Production to 3 Million BPD – NNPC