Lagos — Nigeria will become net exporter of petrol and other petroleum products in the next two years, the Department of Petroleum Resources, DPR, has said, citing oil refinery projects in the country that are progressing towards completion and take off.
According to the DPR, five refineries are being built across the country and another seven are planned, which would reverse Nigeria’s dependence on imported fuels.
Director of the DPR, Sarki Auwalu, said in a statement that a combined 375,000 barrels per day, bpd, capacity is expected from 27 modular refineries and that additional 650,000 bpd is expected to come from the Dangote refinery being built by Africa’s richest man, Aliko Dangote.
These will add to the existing government-owned refineries in Warri, Kaduna and Port Harcourt with a combined 450,000 bpd capacity, but which have remained in paralysis due to lack of maintenance.
The DPR director also said Nigeria aims to expand oil reserves to 40 billion barrels and gas reserves to 210 trillion cubic feet, according to Reuters report.
He said the department would aim to grow oil production from its current 2.4 million bpd capacity to 3 million bpd production capacity and cut production costs.
(Reporting by Tife Owolabi Writing by Chijioke Ohuocha; Editing by Steve Orlofsky)