The Petroleum Resources Department (DPR) said the federal government’s plans to increase the country’s oil and gas reserves were on track and were being spurred on by strategic policies and programs.
DPR public affairs chief Paul OSU made this known in a statement Tuesday in Lagos.
Osu said Nigeria’s national aspiration is to increase its reserves from 36.91 billion barrels to 50 billion barrels, in the short to medium term.
He said the government is also aiming to increase Nigeria’s proven gas reserves from 206.53 TCF to 250 TCF.
According to him, the strategic focus for the upstream includes tendering, growing reserves, increasing production and reducing production costs per barrel.
Osu said the majority of companies that won the bid for the country’s 57 marginal oil fields had paid their signing bonuses to the federal government.
He noted that around 600,000 barrels of crude oil per day would be added to Nigeria’s production volume over the next several years when the fields start producing.
Osu said the government is also considering increasing border exploration activities, which had been spurred by the recent signing of the Petroleum Industry Act by President Muhammadu Buhari.
In terms of increasing production, he said the RPD has launched the Maximum Economic Recovery Strategy (MER) for the oil and gas industry and will reward deserving individuals and businesses.
Osu said plans to reduce production costs to 10bp were still being implemented and were achievable in order to attract more investors to the industry.
He said the DPR will continue to create opportunities for investors and stakeholders in the oil and gas industry, as well as enable the success of businesses using its licensing, permitting and approvals service instruments. (NAA)