The General Director of the Group of the National Petroleum Corporation of Nigeria (NNPC), Dr. Maikanti Baru, says that the corporation will increase the country's crude reserves by one billion barrels per year to reach 40 billion barrels per year. . . 2020
Baru gave the security during his inaugural address entitled: "Direct Nigeria's oil and gas industry towards sustained economic development and growth" at the XVII Nigerian Oil and Gas Conference in Abuja yesterday.
He said the corporation was also working to increase daily oil production to three million barrels per day (bpd).
The head of the NNPC said the corporation would also make sure that the Nigeria Petroleum Development Company (NPDC) will increase its production to 500,000bpd of oil and 1.5Bscfd of gas by 2020.
He praised the innovative and bold steps of the conference organizers by providing a platform for interaction and cross-fertilization of the ideas of the oil and gas industry in Nigeria.
Baru said the event had become a household name and he hoped the profits would hold.
"The trip has been quite challenging and exciting as well, we have traveled through hills and valleys, through stumps and stumps, however, our resilience has ensured that NNPC continues at shoulder height.
"According to him, the corporation's perspective for 2018 and beyond is to be in the capital market to raise more financing for new oil and gas projects," said Baru.
He said that the funds raised would be used to finance projects such as the NNPC / NAOC JV Idu-development, the South Gas Project, the North Gas Project and the Central Gas Project.
The others are: Ikike Project of NNPC / TEPNG JV, Project NNPC / SPDC JV Southern Swamp and Associated Gas Solution Step 2, among other new projects.
"We intend to sanction the multi-million dollar Bonga South West / Aparo (BSWA) project as soon as we conclude an agreement on the terms of relations with SNEPCO in the various disputes pending arbitration by the PSC.
"This will boost the resolution of all other production sharing contracts (PSC Arbitration Disputes)," he said.
Baru said that, in terms of gas production, domestic demand for gas in Nigeria was unprecedented, with a current demand for realistic natural gas of 4,000 mpscfd.
He added that the figure is expected to grow to around 7,500 mpscfd in the next five years.
"However, over the next three years, with our Joint Venture partners, we are committed to increasing the availability of natural gas from 1.5bscf / d to about five billion standard cubic feet per day by 2020," Baru said. .
According to him, the government would supply enough gas to generate up to 15GW of electricity for the energy sector by 2020 and stimulate gas-based industrialization.
"We would continue to make progress with our seven critical gas development projects (7CGDP) that have also been established to deliver approximately 3.5bscfd of gas to the domestic market by 2020.
"We recently approved the $ 2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline project as a demonstration of our commitment, which is based on the development of a structured gas structure throughout Nigeria.
"This trajectory will continue to be our priority in the medium and long term," he said.
The head of NNPC said that the continued implementation of the gas master plan remained a central focus of the corporation.
He explained that the fixing of gas prices had been adjusted for export parity and that the debts inherited from the various sectors to the suppliers were paid through an intervention fund organized by the Central Bank of Nigeria.
He said gas supply agreements would continue to be effective with terms that ensure bankability to provide relevant convenience to producers.
"The partial risk guarantee (PRG) of the World Bank would be maintained to provide securitization of gas revenues, which is boosting confidence in the gas sector.
"In the gas export market, part of our strategic aspiration for gas is to strengthen our footprint in the export of high value gas through LNG and aim to ensure around 10 percent of the global LNG market share. .
"In the expansion of our existing 22MTPA NLNG plant, we are about to make the Final Investment Decision (FID) this year for the additional installation 8MTPA NLNG Train 7," said Baru.
The Vice President, Production of the CWC Group, Wemimo Oyelane, praised the contribution of the founder of the Nigerian Oil and Gas Conference, the late Dr. Alirio Parra, to bring together stakeholders and discuss issues to advance
Baru gave the security during his inaugural address entitled: "Direct Nigeria's oil and gas industry towards sustained economic development and growth" at the XVII Nigerian Oil and Gas Conference in Abuja yesterday.
He said the corporation was also working to increase daily oil production to three million barrels per day (bpd).
The head of the NNPC said the corporation would also make sure that the Nigeria Petroleum Development Company (NPDC) will increase its production to 500,000bpd of oil and 1.5Bscfd of gas by 2020.
He praised the innovative and bold steps of the conference organizers by providing a platform for interaction and cross-fertilization of the ideas of the oil and gas industry in Nigeria.
Baru said the event had become a household name and he hoped the profits would hold.
"The trip has been quite challenging and exciting as well, we have traveled through hills and valleys, through stumps and stumps, however, our resilience has ensured that NNPC continues at shoulder height.
"According to him, the corporation's perspective for 2018 and beyond is to be in the capital market to raise more financing for new oil and gas projects," said Baru.
He said that the funds raised would be used to finance projects such as the NNPC / NAOC JV Idu-development, the South Gas Project, the North Gas Project and the Central Gas Project.
The others are: Ikike Project of NNPC / TEPNG JV, Project NNPC / SPDC JV Southern Swamp and Associated Gas Solution Step 2, among other new projects.
"We intend to sanction the multi-million dollar Bonga South West / Aparo (BSWA) project as soon as we conclude an agreement on the terms of relations with SNEPCO in the various disputes pending arbitration by the PSC.
"This will boost the resolution of all other production sharing contracts (PSC Arbitration Disputes)," he said.
Baru said that, in terms of gas production, domestic demand for gas in Nigeria was unprecedented, with a current demand for realistic natural gas of 4,000 mpscfd.
He added that the figure is expected to grow to around 7,500 mpscfd in the next five years.
"However, over the next three years, with our Joint Venture partners, we are committed to increasing the availability of natural gas from 1.5bscf / d to about five billion standard cubic feet per day by 2020," Baru said. .
According to him, the government would supply enough gas to generate up to 15GW of electricity for the energy sector by 2020 and stimulate gas-based industrialization.
"We would continue to make progress with our seven critical gas development projects (7CGDP) that have also been established to deliver approximately 3.5bscfd of gas to the domestic market by 2020.
"We recently approved the $ 2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline project as a demonstration of our commitment, which is based on the development of a structured gas structure throughout Nigeria.
"This trajectory will continue to be our priority in the medium and long term," he said.
The head of NNPC said that the continued implementation of the gas master plan remained a central focus of the corporation.
He explained that the fixing of gas prices had been adjusted for export parity and that the debts inherited from the various sectors to the suppliers were paid through an intervention fund organized by the Central Bank of Nigeria.
He said gas supply agreements would continue to be effective with terms that ensure bankability to provide relevant convenience to producers.
"The partial risk guarantee (PRG) of the World Bank would be maintained to provide securitization of gas revenues, which is boosting confidence in the gas sector.
"In the gas export market, part of our strategic aspiration for gas is to strengthen our footprint in the export of high value gas through LNG and aim to ensure around 10 percent of the global LNG market share. .
"In the expansion of our existing 22MTPA NLNG plant, we are about to make the Final Investment Decision (FID) this year for the additional installation 8MTPA NLNG Train 7," said Baru.
The Vice President, Production of the CWC Group, Wemimo Oyelane, praised the contribution of the founder of the Nigerian Oil and Gas Conference, the late Dr. Alirio Parra, to bring together stakeholders and discuss issues to advance
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