1b barrels in reserve needed daily to achieve 40b barrels reserve by 2020-NNPC

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[Lagos]–The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti  Baru has explained that the country needs an increment of at least 1billion barrels in reserves and half a million barrels in incremental production capacity per day year-on-year, for it to achieve the 40 billion barrels of crude oil reserves and meet the government’s 2020 production target of 4 million barrels per day. 

Baru, who was ably represented by  Chief Operating Officer, Gas and Power, Mr. Saidu, made this known while speaking the 14th Annual Aret Adams Memorial Lecture held in Lagos on the topic titled: “Find More, Produce More”. While charging Industry stake holders to invest in exploration activities, Baru revealed that Nigeria as a nation with quest for revenue generation must increase “exploration efforts in order to sustain the reserve base and grow production”.
Speaking on the achievement of the corporation, the managing director said the corporation had achieved a 35 per cent downward review of rig rates per day for both swamp and land operations in its portfolios. A rig rate is a major cost element incurred by an Exploration and Production (E&P) company in the course of drilling for oil or gas in deep offshore, shallow offshore, swamp, land areas or basins.
He then promised that NNPC would continue to make investments to increase the national hydrocarbon reserves and daily crude oil and gas production of the country, adding that in this respect, the Corporation has been committed to propelling power, industrial and agricultural sectors, through an adequate provision of gas to power and sustainable feedstock to fertilizer and petrochemical industries.

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