Nigerian Government Reaffirm Plans To Build Oil Reserves

Engr. Sarki Auwalu, reaffirmed the Department of Petroleum Resources’ plan to grow oil reserves and increase production capacity through recovery factor by at least 5 percent. He also mentioned that Nigeria needs $2 billion monthly for fiscal sustainability.

According to a statement, about Nigeria Oil and Gas Excellence Center, on the department’s website. He mentioned that Nigeria had so far received at least $20 billion worth of investment proposals from foreign investors since commissioning NOGEC. He disclosed the plans to increase production stating “We have a refinery revolution coming up and in fact by 2025, we may have domestic refining capacity with NNPC refinery, 455,000, Dangote 650,000, BUA 200,000 and others combined, we will be talking about 2 million in the next 5 years.”

Executive Secretary, Nigerian Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji spoke on their visit to the Department. He mentioned that the department has improved a lot in terms of data and information stating the initiative’s pleasure on the developments.

In his words, “the Department has invested a lot in data, saying that the NOGEC centre of the Department has authorized lots of investment while also addressing the fears and concerns of NEITI on data in terms of crude produced, imported, exported, management of crude and tracking real time the development of the oil and gas sector.”