Nigeria is targeting an increase in crude oil production by 1 million barrels per day. This was made public by the Minister of Petroleum Resources, Diezani Allison-Madueke, who was represented by the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu, at the 36th annual conference and exhibition of the Society of Petroleum Engineers (SPE) in Lagos.
The Minister through her representative said that the Nigerian deep water and shallow water had the capacity to increase crude oil production to almost one million barrels per day in the next few years, and increase total reserve to about 40 billion barrels by 2020. She highlighted the reform embarked by the government to reposition the oil and gas industry and the new Petroleum Industry Bill (PIB). According to her, “critically, the Nigerian crude oil reserve is over 36 billion barrels and a current production capacity of about 2.5 billion per day, which has made Nigeria the highest supplier of crude oil in the continent.”
Nigeria currently produces 2.5 million barrels of crude oil per day and has a total reserve of about 36 billion barrels.