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.
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