The Nigerian National Petroleum Corporation (NNPC) has reiterated its determination to growing the nation’s proven crude oil reserve from its current level of 37 billion barrels to 40 billion barrels by the year 2020.
Group Managing Director of NNPC, Andrew Yakubu, Speaking in Kaduna at a reception organised by the state government in honour of some illustrious sons and daughters of Kaduna State, stated that apart from ensuring an increase in the level of proven reserves, the Corporation was working assiduously towards increasing production from the current figure of 2.4 million bpd to a record 4 million bpd by 2020.
Nigeria’s production of crude oil now averages at 2.4 million barrels daily after recording an all- time high of 2.7million bpd late July.
“As we endeavour to achieve effective transformation of the oil and gas industry in line with the transformation agenda of Mr. President, our target is to ensure that we grow our proven crude reserves to 40 billion by 2020 and also increase our production to 4 million barrels per day by 2020,’’ Yakubu stated.
The GMD also assured that the Corporation, alongside its JV partners, was strategically focused on power generation via effective alignment with the power supply aspiration of the federal government.
He stated that the NNPC was also working on strategic upgrade of gas infrastructure in Kaduna and other northern states to help resuscitate the ailing textile industry in that part of the country.
Yakubu reassured residents of Kaduna and adjoining states of adequate supply of petroleum products, disclosing that Kaduna Refinery was currently producing about 4 million litres of Premium Motor Spirit (PMS) per day.??
“The Kaduna Refinery is one of the best run in the country today. It currently produces 4million litres of PMS every couple of days and this has helped us to stabilise supply in Kaduna and its environs especially at this trying period,’’ he said.
He pledged that the plan to ensure complete turn around and rehabilitation of the nation’s refineries was still intact as the lead equipment for the TAM of Port Harcourt Refinery has since arrived.
“Once we are done with Port Harcourt Refinery, Kaduna is next in line and from there we move to Warri Refinery,’’ the GMD said.