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NNPC targets 40 bn barrels crude oil reserves by 2025

The Nigerian National Petroleum Corporation (NNPC) has revealed that it would increase Nigeria’s crude oil reserves to 40 billion barrels by the year 2025.

The Group Managing Director of NNPC, Mele Kolo Kyari,disclosed this at the opening of the 2019 annual conference and exhibition organised by the Society of Petroleum Engineers (SPE) in Lagos.

The details: Kyari said the NNPC and its partners are driving the National aspiration to grow Nigeria’s oil reserves to 40 billion barrels by 2025, and improve crude oil production to 3 million barrels/day.

“With our partners, we are driving the national aspiration to grow the national reserve to 40billion barrels by 2025 and improve crude oil production to 3million barrels/day. To achieve this ambition, a huge investment is required across the value chain. We have to attract investment to deploy improved technology in the exploration and production of hydrocarbons from inland as well as the ultra-deep offshore basins.”

The NNPC GMD emphasized the need for the use of Artificial Intelligence (AI) to improve the efficiency of its operations.

“I am grateful for the privilege given to me to address this very important conference and distinguished audience. I am attuned with the theme of this year’s conference, especially at this time that the industry is becoming increasingly ambitious and also challenged.

“No doubt, the emergence of Artificial Intelligence has altered the dynamics of our operations by providing quicker processes and interventions in the conduct of petroleum operations. This also is on the back of big data that provides the platform for an effective AI system.

“The combination of AI and big data are complemented further by mobile technology that enables real-time access to information and the execution of apparently complicated operation from remote locations.”

Growing Nigeria’s oil reserves:Recent statistics show that Nigeria’s oil reserves stood at 36.9 billion barrels in 2018. The NNPC has earlier disclosed its readiness to partner with firms such as Dangote, Chevron and amongst others in a bid to build condensate refineries and improve daily productions of crude oil for export.

While further commenting on this, the NNPC boss said the Corporation intends to bring petroleum importation to the barest minimum and create a fiscal environment that would support the needed growth in the oil and gas sector.

“We’re progressing with the establishment of Condensate Refineries to fast-track domestic supply of petroleum products. In the same vein, we would support the actualization of the 650 thousand daily barrels from Dangote Group Refinery, as well as other private initiatives along this line.

“Today we are optimistic, that this government under the leadership of President Buhari is determined to deliver a stable fiscal environment to support the needed growth in the oil and gas sector.

“We have to open up the midstream, complete all critical gas development projects targeted to deliver about 3 Bscfd (Billion standard cubic feet per day) to the gas market, ensure closeout of investment decision on NLNG Train 7 and improve domestic utilization to improve power generation and industrial growth.

“We require more investment to revamp and expand our domestic refineries and associated infrastructures to support the growth of the downstream sector and guaranty energy security to the nation.”

In order to achieve the set target of 40 billion barrels, the group, however, reiterated that it would leverage technology and innovation to achieve the goal of building the Energy Company of Global Excellence.

“Tech will permit us to test new ways of achieving better results, but the validity of such endeavour will depend on the availability of quality data which ultimately supports the deployment of AI with the overall effect of delivering more efficient/cheaper solutions.”