The Nigerian National Petroleum Corporation, NNPC, has restated its resolve to bring Nigeria’s oil reserve to 40 billion barrels (bbl.) by 2020, its Group Managing Director, Dr. Maikanti Baru, has stated.
NNPC Speaking at the just concluded Offshore Technology Conference, OTC, in Houston, Texas, Baru, who was represented by the Chief Operating Officer, Gas and Power, Saidu Mohammed, stated that to achieve the goal, about one billion barrels of oil are expected to be added yearly.
Nigeria presently has oil reserve base of 37 billion barrels. “Within the upstream segment, our plan is to increase our oil reserve base to 40 billion barrels reserve by 2020 and, therefore, by implication, at least one billion barrels should be added year-on-year till 2020.
Baru also gave assurance that the nation’s four refineries will be rehabilitated and upgraded to 700,000 barrels per day capacity at the cost of $6 billion. “With respect to our refineries, our plan is to rehabilitate, and revamp our existing four (4) refineries. We invite you to participate in this process. On successful rehabilitation and revamp, our plan is to upgrade the combined nameplate capacity from 445,000 barrels per day to 700,000 barrels a day within the next few years.
We would require investments of between $5 billion to $6 billion. “We are also mindful of the need to construct new refineries and we encourage investors in this area. The big picture is to transit from a net crude oil exporter to a net petroleum product exporter as more value and opportunities abound in the latter,” he said.