NNPC boss Maikanti Baru warns that Nigeria’s crude oil and gas reserves were fast reducing
He begs oil and gas exploration companies, professionals and other stakeholders to focus on increasing the nation’s oil and gas reserve base
The Nigerian National Petroleum Corporation (NNPC) on Monday, October 3, warned that the nation’s crude oil and gas reserves were fast reducing.
Speaking in Abuja, Maikanti Baru, group managing director of the NNPC, begged oil and gas exploration companies, professionals and other stakeholders to focus on increasing the nation’s oil and gas reserve base.
Maikanti Baru warns that Nigeria’s crude oil and gas reserves were fast reducing.
This according to him will match national aspirations to increase oil production, Vanguard reports.
Baru disclosed this when the Nigerian Association of Petroleum Explorationists (NAPE) hosted him in Abuja.
He also expressed readiness of the NNPC to partner with stakeholders in the oil and gas industry to grow the nation’s fast reducing reserves in order to increase productivity in the petroleum sector.
He said: “Our national gas demand forecast to year 2020, domestic plus export, indicates a rapid growth to 15 billion Standard Cubic Feet per day (bscfd), meaning current reserves level can only sustain that production for 35 years, if we do not increase the 2bscfd gas reserves base which require three trillion cubic feet (tcf) to replace production yearly.”
Baru also noted that the country’s aspirations were to increase oil production to four million barrels per day and meet gas demand of 15 billion standard cubic feet per day, bscfd, by 2020, required for industrialization and consumption.
However, he lamented that less than 3% of all oil wells drilled in the Niger Delta Basin, both onshore and swamp, were deeper than 15,000 feet, adding that a greater number of these wells had not gone beyond the 10,000 feet as a high pressure regime seemed to be a limiting factor.
However, he stated that “some of our earlier drilled non-commercial holes could be turned around if we deploy requisite technologies; we need to change our perspective of risk as technology is advancing.”
Baru further explained that the 2016 national average oil production of 1.9 million barrels was low, partly due to oil infrastructure vandalism.
Meanwhile, report has emerged that the alleged planned sale of Nigeria’s assets by the Muhammadu Buhari administration may be partial and not in full.
An official in the presidency quoted in the report, said only some percentage of the government’s shareholding in selected asset will be sold.
The government also intends to retains the right to buy back the shares in future, the source who spoke under the condition of anonymity also added.
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