Oil & Gas

DPR boss says Nigeria’s 40bn barrels oil reserve target achievable



Mr Sarki Auwalu, Director, Department of Petroleum Resources (DPR) says Nigeria’s target of 40 billion barrels oil condensate reserve by 2025 is realistic and achievable.

He says this is so, with the policies and programmes being implemented by the Federal Government.

The News Agency of Nigeria reports that Auwalu spoke on Saturday at the Society of Petroleum Engineers (SPE) Abuja Section 199 Independence Day Virtual Lecture.

He said Nigeria was also planning to increase its gas reserve to 210TCF by 2025 and 220TCF by 2030.

Auwalu said Nigeria’s vast human and natural resources put it in a vantage position as Africa’s largest economy.

“Nigeria is positioned to optimally develop its oil and gas resources for the benefit of stakeholders who are the ordinary Nigerians.


“Reforms in the oil and gas sector are geared toward realising government’s aspirations.


” Government’s target to increase our oil condensates and gas reserves by 2025 is realistic and achievable with the programmes and policies being put in place,” he said.

The DPR chief said that Nigeria’s oil reserve had stagnated for over 17 years at 37 billion barrels.

He said this was because the country chose to give opportunities to more indigenous companies to participate in the oil and gas sector.

Auwalu said this led to the emergence of the Independent Petroleum Producers Group, which are wholly owned by Nigerians and could compete today with International Oil Companies (IOCs).

According to him, over $40 billion Foreign Direct Investment (FDI) has been attracted to the petroleum sector within the last 10 years, as Nigeria remains a destination of choice for investors.

He said that the sector could surpass its 10 per cent contribution to the nation’s Gross Domestic Product  by driving in-country value addition and investments.

Auwalu listed the strategies being deployed by the government to include ongoing bid rounds for marginal oil fields, construction of gas pipelines across the country as well as refineries and petrochemical development.

Edited By: Oluwole Sogunle
Source: NAN

Lagos govt urges people to disregard ethnic, religious jingoists SSANU postpones National Delegates Conference Hoodlums invade Sen. Folarin’s residence, cart away items worth N200million FCT palliative items are safe, secured – Minister Lagos Govt says website not hacked Buhari salutes Kessington at 85, says he has provided opportunities for many #EndSars: NGO cleans up debris from aftermath protest in Surulere Police, vigilantes thwart bandits’ attack in Niger Flood: Gastroenteritis hit 328 in Kebbi NSCDC records 512 civil, criminal cases in Kano State #EndSARS: FOMWAN appeals to protesters to sheath their sword Hoodlums attack Customs command, injure officers #ENDSARS: NASFAT sets up N10 million relief fund for victims Ekiti State raises alarm of looting of poisonous food items #EndSARS: Hoodlums vandalise NLC, INEC, SEMA, others in Calabar DPR seeks collaboration with NUPENG, PENGASSAN on COVID-19 management in industry #EndSARS: MURIC sympathises with media houses Chieftain urges president to intervene in Bauchi APC crisis World Polio Day: Pediatrician urges regular vaccination to maintain zero status #EndSARS: Minister urges youths to embrace peace to foster development Youths Nigeria’s greatest asset – Plateau CP Re-issued—COVID-19: NCDC records 77 new infections in Nigeria Protesters set Zik’s statue ablaze in Anambra Police nab 13 over alleged armed robbery, possession of unlawful firearm in Niger  Gov. Matawalle says 31 illegal miners deported from Zamfara #ENDSARS: Group laments effects of protests on Nigeria’s SDG achievement COVID-19: NCDC records 77 new infections #EndSARS: Water resources minister meets stakeholders in Jigawa Club chairman says Self-Measured Blood Pressure monitoring now very necessary in football   Para-soccer coaches urge NGOs to invest in league to raise game’s standard Sassuolo pull late comeback to deny Torino first win in Serie A Bamford scores hat-trick as Leeds United end Aston Villa’s winning start India seeks closer ties with Nigeria as trade volume reaches $14 bn  #EndSARS: Akeredolu lifts curfew as peace returns to Akure Water Resources Bill, derived from 4 existing Nigerian laws — Minister EndSARS: Lawmaker earmarks N10m relief for victims Hoodlums loot relief materials in llorin Okei-Odumakin urges govt. to address citizens’ grievances Arik Air resumes flight operations Oct. 24 Protests: Yoruba forum tasks community security groups, leaders to restore peace Hoodlums loot C’ River COVID-19 palliative warehouse Why we didn’t distributes looted COVID-19 palliatives, Osun food committee #EndSARS :Young moms  appeal to youths to shun violence, embrace dialogue #EndSARS: OPC cautions arsonists in South-West states #EndSARS: Muslim forum condemns attack on public, private establishments EndSARS: PDP suspends political, electioneering activities #EndSARS protests: NANTS orders traders to adopt security measures, shut markets if necessary Lagos govt relaxes curfew from Saturday, 8 a.m. to 6 p.m. Rivers Assembly confirms commissioners ahead of LGA election Disaster Risk Reduction Day: FG to sustain sensitisation against fire disaster -Minister