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Nigeria targets 3m barrels of oil per day

19 March 2014, 15:11

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.

-          NAN

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