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Nigeria to grow crude oil reserves to 40 billion barrels

14 July 2014, 20:31

Uyo - The federal government says it is strategically working to increase the national crude oil reserves and production to 40 billion and four million barrels per day.

The Group Managing Director (GMD), the Nigerian National Petroleum corporation (NNPC), Andrew Yakubu, said this in Uyo at the ongoing media workshop for energy editors and correspondents.

“Ahead of this, there is an aggressive exploration campaign in offshore, onshore and the inland basins of Chad, Anambra, Benue, Bida and Sokoto Dahomey.

The GMD said that over 1 000 square kilometres of seismic data had been acquired in the Chad Basin in spite of the security situation in Borno State.

Yakubu said that revamping of the corporation’s critical downstream facilities such as the refineries, depots, pipelines and jetties had remained the focus of the management.

He said that these efforts would ensure seamless supply and distribution of petroleum products nationwide.

He however disclosed that over 500 000 barrels of oil per day were potentially at risk due to incessant vandalism of four main crude export pipelines in the country.

The four main pipelines, according to him, include the Trans Forcados Pipeline to the West; the Ogbanbiri/Temidaba/Brass pipelines in the centre; the Trans Niger Pipeline and Nembe creek trunk line to the East.

"When these pipelines are compromised and vandalised, over 500 000 barrels of oil per day are potentially at risk.’

Yakubu, who put the current daily production output at 2.3 million barrels of oil per day in the current challenging environment, said the output could be regarded as a feat in itself.


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