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FG targets increase of Nigeria’s oil reserve to 50 billion barrels

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The Federal Government has said that its target is to increase Nigeria’s oil reserves from 36.91 billion barrels to 50 billion barrels in the short to the medium term.

This is as the government with the just signed Petroleum Industry Bill (PIB) hopes to attract more investment in the oil and gas sector.

This disclosure was made by the Director/Chief Executive of the Department of Petroleum Resources (DPR), Sarki Auwalu, at a workshop with industry partners on Monday.

Auwalu also announced that the regulator would inaugurate annual awards for companies, projects or individuals who add value to the Nigerian oil sector through enhanced recovery of the country’s oil and gas resources.

The DPR boss in a statement issued by the Head of Public Affairs, DPR, Paul OSU, said the Improved Oil Recovery/Enhanced Oil Recovery Awards were part of deliberate engagements with industry partners to achieve maximum economic recovery strategies for Nigeria.

Auwalu noted that the Federal Government, through the MER strategies, was also targeting to increase Nigeria’s proven gas reserves from 206.53 trillion cubic feet to 250TCF.

According to him, companies, individuals, fields, research institutions and technologies were eligible for the IOR/EOR awards.

He said the industry initiative was one of the outcomes of the work of the National Oil and Gas Excellence Centre, Lagos inaugurated in January by President Muhammadu Buhari.

What you should know

Just last month, the Federal Government had announced that it is planning to increase its oil reserves by 40 billion barrels and gas reserves to 220TCF by 2030. The government also planned to increase oil production capacity to 3 million barrels per day.

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