The Director of Nigeria’s Department of Petroleum Resources, DPR, Sarki Auwalu, said he is optimistic that Nigeria will reach the target of 40 billion barrels oil condensate reserve by 2025. He also expressed optimism there will be increased Foreign Direct Investments (FDIs) to the country.
He said this is achievable due to policies and programmes of the government in the oil and gas sector which includes the ongoing marginal oil fields bid round, the construction of gas pipelines across the country, the revamping of refineries and the development of petrochemicals.
He made this known while speaking recently at the Society of Petroleum Engineers (SPE) Abuja Section 199 Independence Day Virtual Lecture.
He said the country plans to increase its gas reserve to 210 trillion cubic feet (TCF) by 2025 and 220 TCF by 2030. He said Nigeria’s numerous human and natural resources is the reason it has the largest economy in Africa.
He said the country’s decision to give opportunities to more indigenous companies to participate in the oil and gas sector is the reason the oil reserve has stagnated for over 17 years at 37 billion barrels. The decision has also led to the emergence of the Independent Petroleum Producers Group (IPPG); wholly owned by Nigerians and can compete today with the International Oil Companies (IOCs).
The DPR boss said, “Nigeria is positioned to optimally develop its oil and gas resources for the benefit of stakeholders who are the ordinary Nigerians.”
“Reforms in the oil and gas sector are geared toward realising government’s aspirations.”
“Government’s target to increase our oil condensates and gas reserves by 2025 is realistic and achievable with the programmes and policies being put in place.”
%20to%20the%20country.He%20said%20this%20is%20achievable%20due%20to%20policies%20and%20programmes%20of%20the%20government%20in%20the%20oil%20and%20gas%20sector%20which%20includes%20the%20ongoing%20marginal%20oil%20fields%20bid%20round,%20the%20construction%20of%20gas%20pipelines%20across%20the%20country,%20the%20revamping%20of%20refineries%20and%20the%20development%20of%20petrochemicals.He%20made%20this%20known%20while%20speaking%20recently%20at%20the%20Society%20of%20Petroleum%20Engineers%20(SPE)%20Abuja%20Section%20199%20Independence%20Day%20Virtual%20Lecture.He%20said%20the%20country%20plans%20to%20increase%20its%20gas%20reserve%20to%20210%20trillion%20cubic%20feet%20(TCF)%20by%202025%20and%20220%20TCF%20by%202030.%20He%20said%20Nigeria's%20numerous%20human%20and%20natural%20resources%20is%20the%20reason%20it%20has%20the%20largest%20economy%20in%20Africa.He%20said%20the%20country's%20decision%20to%20give%20opportunities%20to%20more%20indigenous%20companies%20to%20participate%20in%20the%20oil%20and%20gas%20sector%20is%20the%20reason%20the%20oil%20reserve%20has%20stagnated%20for%20over%2017%20years%20at%2037%20billion%20barrels.%20The%20decision%20has%20also%20led%20to%20the%20emergence%20of%20the%20Independent%20Petroleum%20Producers%20Group%20(IPPG);%20wholly%20owned%20by%20Nigerians%20and%20can%20compete%20today%20with%20the%20International%20Oil%20Companies%20(IOCs).The%20DPR%20boss%20said,%20em“Nigeria%20is%20positioned%20to%20optimally%20develop%20its%20oil%20and%20gas%20resources%20for%20the%20benefit%20of%20stakeholders%20who%20are%20the%20ordinary%20Nigerians.”/emem“Reforms%20in%20the%20oil%20and%20gas%20sector%20are%20geared%20toward%20realising%20government’s%20aspirations.”/emem“Government’s%20target%20to%20increase%20our%20oil%20condensates%20and%20gas%20reserves%20by%202025%20is%20realistic%20and%20achievable%20with%20the%20programmes%20and%20policies%20being%20put%20in%20place.”/em){kind=link}