09 August 2012, Sweetcrude, LAGOS – NIGERIA’s oil reserves can grow to 40 billion barrels from over 36 billion barrels by 2020 while daily production capacity can reach four million barrels, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said.
The minister stated this at the three-day annual conference and exhibition of the Society of Petroleum Engineers Nigeria in Lagos, with the theme, “The future of Oil and Gas: Right Balance with Sustainable Stakeholders’ Participation.”
Represented by Mr.Andy Yakubu, the Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Alison-Madueke outlined the strategies that lead to the achievement of growth in the oil industry.
She noted that the Nigerian deep and shallow waters had the capacity to increase the productivity level and that they could generate additional one million barrels per day within the next few years.
According to her, government’s aggressive reforms in the oil and gas sector would soon reposition the sector for improved performance.
The minister maintained if the nation’s oil and gas resources were effeciently harnessed, “it shall provide the much needed increase in revenue, employment generation for our youths and further increase the growth of other sectors of the Nigerian economy.”
On deregulation of the downstream sector, she said: “There is no doubt that the deregulation of the industry is going to help investors because it will guarantee their investment.
“The deregulation of the downstream, particularly as it affects kerosene and petrol, is very critical to return on investment”.
SPE Chairman, Mr. Ikechukwu Okafor, said the conference would provide a forum for healthy dialogue and purposeful engagement between the stakeholders on the future of oil and gas.
“The aim is to stir our members and the general public to embrace and promote environmentally sustainable development of oil and gas in Nigeria,” he said.