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Nigeria will produce 500,000 barrels per day by 2020

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The Group Managing Director of  Nigerian National Petroleum Corporation, NNPC,has disclosed that the Corporation is targeting to raise the crude oil production capacity of its exploration and production subsidiary, the Nigerian Petroleum Development Company, NPDC, to .

Besides, the corporation said it would also grow the company’s gas production capacity to 1,500 million standard cubic feet per day of gas within the same period.

Mr. Maikanti, who delivered the keynote address titled: “NNPC’s Commercial Strategy and Priorities”, said the corporation hoped to achieve set reserve growth target 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 country’s 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.

The NNPC GMD put the country’s current oil and gas reserves at 37 billion barrels and 192 trillion cubic feet (TCF) respectively.

Besides, efforts are currently ongoing amongst all concerned to reduce the level of gas flare by converting most of the flared volumes to ensure commerciality of the gas resources, he said.

Speaking further on gas commercialisation, Mr. Baru said efforts were on to raise between $3.6 and $4.5 billion to build the Abuja-Kaduna-Kano pipeline to help generate 3.2 gigawatts (GW) of electricity for the country.

He said, “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 year, 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.

He expressed confidence that diligent execution of the initiatives would commercialise and increase the  profitability of the corporation in the near future.

At the opening of the 2017 Oil and Gas Conference and Exhibition in Abuja, on Monday, Mr. Baru said Nigerian oil and gas industry was on the path of recovery with the current crude oil price in the international market on the rise, and pipeline vandalism on the decline as a result of drop in restiveness in the Niger Delta.

Mr. Baru, who expressed delight that the NOG Conference, which could not hold last year, had returned, at a time hope was rising for the industry

He stated that there were indicators that things were beginning to shakeup for the industry.

The first indicator, according to him, was that cases of pipeline vandalism have reduced with a positive impact on crude oil production.

“We are having a lot of engagements with people in our core area of operations in the Niger Delta and this is bringing a lot of hope. If we go by the number of pipelines vandalism cases, they have dropped to an average of 20 per cent on a month as against a similar period last year. This is an indicator that calm is returning to the r”, he said.

He listed other indicators to include the rise in the price of crude oil in the international market and the renewed confidence in the industry among the international oil companies as a result of the cash call exit agreements which have guaranteed a steady flow of funds.

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1 Comment

1 Comment

  1. Walgreens code

    May 23, 2017 at 4:21 pm

    Im surprised Tex didnt say the Bible was Jewish or the Constitution was Jewish. The truth is Texe talks like the wizard of oz behind some curtain who hasnt a clue what the Bible says. He doesnt know what a Jew or a Gentile is and it appears nobody will ever ask him what he bases his definitions of those words on- ever.

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National News

FEC Approves N2.9bn For Printing Of Question Papers, Others

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Ensure fundamental freedoms of peaceful protesters – Martin Luther King III writes Buhari
FEC Approves N2.9bn For Printing Of Question Papers, Others

Muhammadu Buhari

The Federal Executive Council (FEC) has approved a sum of N2.9 billion for the printing of both sensitive and non-sensitive examination materials.

The council also approved a total of N4.5 billion for projects in the Ministry of Education and the Federal Capital Territory (FCT) Abuja.

Also Read: WAEC To Release 2020 SSSCE Results Next Week

This decision was reached at FEC virtual meeting on Wednesday, which was presided over by President Muhammadu Buhari.

The Minister of Education, Malam Adamu Adamu said the contract was awarded to a group of eight printers.

According to the Minister, the materials are for the Basic Education Certification Examination, the Senior Secondary Certificate Examination, and the National Common Entrance Examination.

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National News

Ike Ekweremadu Gets New Appointment

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Ike Ekweremadu Gets New Appointment
Ike Ekweremadu Gets New Appointment

Ike Ekweremadu

The former Deputy Senate President, Ike Ekweremadu, has been appointed by the International Parliamentary Congress as the Chief Coordinator for Africa.

The development was disclosed in a letter forwarded to Ekweremadu by the Secretary-General of the IPC and member of the Pakistani national parliament, Senator Muhammad Ali Saif.

Also Read: BREAKING: Okonjo-Iweala Elected WTO DG

“We are proud to inform you that the Honourable President of the IPC has nominated your good self as Chief Coordinator Africa with immediate effect.”

This was announced in a statement by the media adviser to the Enugu West lawmaker, Uche Anichukwu, in Abuja.

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Gov Ayade Orders Restriction Of Trucks Conveying Scrap In, Out Of Cross River

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Ben Ayade Declares 24-Hour Curfew In Cross River
Gov Ayade Orders Restriction Of Trucks Conveying Scrap In, Out Of Cross River

Ben Ayade

Governor of Cross River, Professor Ben Ayade has ordered the restriction of trucks conveying scrap in and out of the State.

This was contained in a statement issued on Wednesday by his Special Adviser, Media, and Publicity, Christian Ita.

The governor expressed that the attention of the state has been drawn to information that looters are attempting to move stolen items out of the state as scrap.

Also Read: Army denies shooting #EndSARS protesters at Lekki tollgate

The governor directed all transporters and motorists in the state to report anyone that approaches them to move scraps out of the state to security agents.

He also warned that any of them caught transporting looted items will be regarded as an accomplice and treated as a looter.

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