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FG Will Meet 40bn Barrels Oil Reserves by 2020, says NAPE

21 October 2013, 18:12

Lagos - The Federal Governments ambitious plan of having 40 billion barrels of oil reserves by 2020 is highly likely according to the country's petroleum industry association, (NAPE), the Nigerian Association of Petroleum Explorationists, Daily Times Nigeria reports .

The petroleum industry generates the most gross domestic product (GDP) and is the largest industry in the country. Oil was first discovered in Africa's most populous nation in 1956 and since then has been at the heart of political and commercial battles to control  the reserves.

George Osahon, the President of NAPE said the industry faced many challenges, such as vandalism of the oil pipes as well as theft of crude oil. Despite these hurdles , Osahon was confident the FG's targets could be met by 2020. The FG also wants the industry to produce a daily number of four million barrels a day by 2020.

For more on this story, visit Daily Times Nigeria.


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