FG’s Plan To Increase Oil, Gas Reserves On Course, Says DPR

The Department of Petroleum Resources (DPR) has said the federal
government’s plans to increase the nation’s oil and gas reserves
are on course and being boosted by strategic policies and
programmes.

The Head, Public Affairs, DPR, Mr. Paul OSU, made this known in
a statement on Tuesday in Lagos.

Osu said the national aspiration of Nigeria was to increase its
reserves from 36.91 billion barrels to 50 billion barrels, in the
short to midterm.

He said the government was also targeting increasing Nigeria’s
proven gas reserves from 206.53TCF to 250TCF.

According to him, the strategic focus for upstream includes bid
rounds, reserve growth, increased production and reduction of
production cost per barrel.

Osu said majority of the companies that won the bid for the
nation’s 57 marginal oilfields had paid their signature bonuses to
the federal government.

He noted that about 600,000 barrels of crude oil per day would
be added to Nigeria’s production volume within the next few years
when the fields begin production.

Osu said the government was also looking at increasing frontier
exploration activities, which had been given a boost by the recent
signing of the Petroleum Industry Act by President Muhammadu
Buhari.

In terms of increasing production, he said the DPR had initiated
the Maximum Economic Recovery (MER) strategy for the oil and gas
industry and would be rewarding deserving individuals and
companies.

Osu said plans to reduce cost of production to $10pb was still
being implemented and was achievable in order to attract more
investors to the sector.

He said the DPR would continue to create opportunities for
investors and stakeholders in the oil and gas industry, as well as
enable the successes of businesses using its service instruments of
licences, permits and approvals. (NAN)

The Department of Petroleum Resources (DPR) has said the federal
government’s plans to increase the nation’s oil and gas reserves
are on course and being boosted by strategic policies and
programmes.

The Head, Public Affairs, DPR, Mr. Paul OSU, made this known in
a statement on Tuesday in Lagos.

Osu said the national aspiration of Nigeria was to increase its
reserves from 36.91 billion barrels to 50 billion barrels, in the
short to midterm.

He said the government was also targeting increasing Nigeria’s
proven gas reserves from 206.53TCF to 250TCF.

According to him, the strategic focus for upstream includes bid
rounds, reserve growth, increased production and reduction of
production cost per barrel.

Osu said majority of the companies that won the bid for the
nation’s 57 marginal oilfields had paid their signature bonuses to
the federal government.

He noted that about 600,000 barrels of crude oil per day would
be added to Nigeria’s production volume within the next few years
when the fields begin production.

Osu said the government was also looking at increasing frontier
exploration activities, which had been given a boost by the recent
signing of the Petroleum Industry Act by President Muhammadu
Buhari.

In terms of increasing production, he said the DPR had initiated
the Maximum Economic Recovery (MER) strategy for the oil and gas
industry and would be rewarding deserving individuals and
companies.

Osu said plans to reduce cost of production to $10pb was still
being implemented and was achievable in order to attract more
investors to the sector.

He said the DPR would continue to create opportunities for
investors and stakeholders in the oil and gas industry, as well as
enable the successes of businesses using its service instruments of
licences, permits and approvals. (NAN)