DPR SAYS THE FEDERAL GOVERNMENT’S PLANS TO INCREASE THE NATION’S OIL AND GAS RESERVES ARE ON COURSE

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.

Head, Public Affairs, DPR, Mr. Paul Osu made this known in a statement today in Lagos.

Mr. Osu said the national aspiration of Nigeria was to increase its reserves from thirty-six point-nine-one billion barrels to fifty billion barrels in the short to midterm.

He said the government was also targeting increasing Nigeria’s proven gas reserves from two hundred and six point-five-three TCF to two hundred and fifty TCF.

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

Mr. Osu noted that about six hundred thousand barrels of crude oil per day would be added to Nigeria’s production volume within the next few years, when the fields begin production.

He 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.