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Nigeria oil and gas reserves under threat

04 October 2016, 10:05

Abuja - The Nigerian National Petroleum Corporation has warned that the country's oil and gas reserves were fast running out and have begged oil and gas exploration companies to focus on increasing the country's oil and gas reserve base, Naij reports.

The NNPC's Maikanti Baru confirmed this while adding that the corporation was ready to partner with stakeholders in the oil and gas industry to grow the nation's productivity in the petroleum sector.

Also read: Fuel scarcity to hit again as truck drivers go on strike

"Our national gas demand forecast to year 2020, domestic plus export, indicates a rapid growth to 15 billion Standard Cubic Feet per day (bscfd), meaning current reserves level can only sustain that production for 35 years, if we do not increase the 2bscfd gas reserves base which require three trillion cubic feet (tcf) to replace production yearly,” Baru said.

Baru also declared that it was their intention to increase the oil production to 4 million barrels per day and to meet the gas demand of 15 billion standard cubic feet per day.

News24 meanwhile reported that the Amalgamated Consumer Coalition Enforcement Association (ACCEA), a non-governmental organisation, has bemoaned a recent strike by unions in the petroleum industry as causing unnecessary hardships on consumers in Anambra State.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Distributors Association of Nigeria (PEDAN) engaged on the strike demanding better working conditions.

For more on this story, visit Naij.

- News 24


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