*4 million b/d oil production
Lagos — Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva has touted the recent award of marginal oil fields to prospective investors as a stepping stone towards achieving the country’s set targets and aspiration to grow hydrocarbon production and reserves.
“Getting these new set of marginal fields off the ground is definitely a stepping stone towards achieving the country’s aspiration of meeting the target of 4mbpd oil production and 40 billion of proven reserves”, he said.
While speaking at the 2021 Nigeria International Petroleum Summit in Abuja on Monday, the Minister said such feat can be achieved through marginal oilfields.
According to Sylva, who called for collaboration among operators, the recently held marginal oilfield licensing round would push Nigeria to realise the target.
“This year’s NIPS comes on the eve of the award of new marginal field licenses after several failed attempts over the past 20 years.
On the need to collaborate, the minister said, “For me, the new approach is collaboration. That is the paradigm shift I want to focus on at this summit.
“I know that collaboration has been a buzz word in the oil and gas industry for years. But the industry has equally paid lip service to it,” he said.