Abuja - Nigeria is targeting over three million barrels of oil per day by
2020 to secure its position as Africa’s leading producer.
Andrew Yakubu, the Group Managing Director, Nigerian National Petroleum
Corporation (NNPC), said this while presenting a keynote address at the ongoing
``2014 Nigeria Oil and Gas Conference’’.
In his address entitled “Nigeria’s
Strategy to Maintain its Position as Africa’s Leading Producer’’, Yakubu
said Nigeria has what it takes to be the leading player in the oil sector in
Africa, even with the emergence of new players and the significant discovery in
sub Saharan African.
He posited that Nigeria could grow the sector from the 2.2 million barrels
being produced per day to three million barrels with the new initiatives being
put in place by the Federal Government.
Yakubu said that the initiatives were to ensure steady oil production, which
will include the setting aside of N15 billion for the purchase of security
systems to check the challenges of oil theft in the Niger Delta.
According to him, others are the utilisation of new technology and radar
surveillance to boost maritime security, increase sea patrol by the Nigerian
Navy and provision of air surveillance of pipelines with modern aircraft.
Yakubu said other strategies had also been put in place which included
addressing pipeline vandalism, improving small field economics and new acreage
management system, among others.
He noted that the inauguration of the new licensing, which incorporated 31
marginal fields, 16 of which were located onshore, while 15 others were located
offshore, was expected to enhance production capacity.-
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