The Department of Petroleum Resources (DPR) says 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.
The DPR stated that the national aspiration of Nigeria was to increase its reserves from 36.91 billion barrels to 50 billion barrels, in the short to midterm.
DPR said the government was also targeting increasing Nigeria’s proven gas reserves from 206.53trillion cubic feet to 250trillion cubic feet.
According to the agency, the strategic focus for upstream includes bid rounds, reserve growth, increased production and reduction of production cost per barrel.
The government agency noted that majority of the companies that won the bid for the nation’s 57 marginal oilfields had paid their signature bonuses to the federal government.
600,000 barrels of crude oil per day
The agency 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.
In terms of increasing production, the DPR had initiated the Maximum Economic Recovery (MER) strategy for the oil and gas industry and would be rewarding deserving individuals and companies.
It added that plans to reduce the cost of production to $10pb were still being implemented and were achievable in order to attract more investors to the sector.