NNPC to increase crude reserves by half a million barrels

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The Nigerian National Petroleum Corporation, NNPC is to add 585,000 barrels of crude per day to the nation’s current reserve of 3.7 billion barrels by the year 2015.

The Group Managing Director of NNPC, Andrew Yakubu, made the pledge at the 2013 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC)

A statement issued by NNPC in Abuja on Tuesday quoted Yakubu as saying Specifically that Bonga North/S.West and Egina will add 200,000 barrels per day each, while Erha North will churn-up 185,000 barrels per day, all by the year 2015.

He also said other fields such as Preowei, Ikike, Nkarika and Etising were being appraised for proper development.

Yakubu said that Nigeria ranked among the foremost countries for incremental production in the long term and remained a reliable supplier of energy to the world.

He said that 52 oil blocks operating under Production Sharing Contract (PSC) were at various stages of exploration and development.

Yakubu said the rising demand for petroleum products had created the need for significant refining capacity and the need to open up the midstream and downstream sectors.

He, however, stressed the need for the quick passage of the Petroleum Industry Bill (PIB) and the deregulation of the downstream sector for investment to thrive in the sector.

“Policy reforms being undertaken by the current administration especially passing the Petroleum Industry Bill (PIB) into law would strengthen the framework for increased investment in Nigeria,” he said.

He said that the NNPC would to continue to pursue opportunities for growth through strategic partnerships and invite investors especially from the Gulf region to invest in Nigeria.

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