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» » » Nigeria’s daily crude production to hit 4million barrels by 2020

ABUJA—NIGERIA’s daily crude oil production is expected to rise by another 1.4 million barrels from its current 2.6 million bpd by the year 2020, just as crude oil reserves is also expected to grow to 40 billion barrels from its present 36 billion barrels.

Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Andrew Yakubu, made this disclosure during the 42nd Annual General Meeting, Conference and Exhibition of the Nigerian Society of Chemical Engineers, NSChE, with the theme: “Harnessing Water Resources for National Development,” in Abuja.

According to him, NNPC has exceeded its target for Gas-to-Power aspirations and is taking steps to grow the nation’s crude oil reserves to 40 billion barrels and daily crude oil production to 4 million barrels per day by 2020 in order to ensure that a solid platform is laid for the rapid economic growth and development of the country.

The NNPC GMD further noted that the strategic focus of the management under his watch was to ensure that between 70 to 80 percent of gas produced in the country is channeled to power generation to achieve the robust ambition of stabilizing electricity supply to Nigerians and to industries operating in the country.

“One of the strategic focuses we had when we came on board was to ensure that gas availability to power was met and I am glad to tell you that as at today, we are in surplus of gas availability to power in line with the Federal Government’s power initiative,” Engr. Yakubu informed.

He noted that in the gas value chain, going forward, NNPC would consolidate on gas to power and industry to boost economic activities in the country stressing that the aggressive commercial framework put in place by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has added impetus to the current arrangement.

Engr. Yakubu stated that the gas aggregator and the other key commercial initiatives have gone a long way in stimulating investment in the oil and gas sector of the economy.

On gas flaring, the NNPC GMD revealed that a lot of investments have been put in place to ensure gas flare down noting that as at today gas flare down in the country has reduced to about 15 percent. He stated that export initiatives on gas have been stepped up and plans are under way to achieve zero flare down in the country.

Engr. Yakubu commended the Nigerian Society of Chemical Engineers, NSCHE, for the capacity growth contributions to the NNPC workforce and the Nigerian society adding that their impact on the petroleum sector of the country is far reaching.

He described the theme of this year’s NSCHE conference: “Harnessing Water Resources for National Development,” as apt and necessary noting that there is a global paradigm shift from the use of fossil fuel to renewable energy.

In his welcome address, the National President of NSCHE, Dr. John Erinne, said the Chemical Engineering principles are at the center of techniques and technologies for the treatment of water for a wide spectrum of applications and purposes including oil field-produced water and industrial waste.

He averred that water, which ordinarily should be a resource to support human existence and national development, is ravaging the country as experienced during the unprecedented floods that ravaged the country in the last two months.

He assured that the conference will examine strategies for dealing with floods and other water related disasters.







Source - Vanguard news

About Aghatise Osazuwa

Hi there! I am Aghatise Osazuwa and I am a true enthusiast in "online journalism". In my personal life I spend time blogging, doing research, reading and listening to music. Follow me on Facebook, Twitter and Google Plus.
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