Crude: Nigeria look forward to production level of 2.8m barrel/day of – Pres. Buhari

NIGERIA’S President Muhammadu Buhari yesterday said as part of measures to reposition the nation’s oil industry, the government has started the process of reducing production costs and encouraging exploration so as to attain a production level of about 2.8 million barrel per day (mbpd).

According to The Nation, Represented by Vice President Yemi Osinbajo at the sixth African Petroleum Congress and Exhibition (CAPE VI) in Abuja, Buhari said the quantum leap would be 30 per cent increase of production level of 2.4 mbpd being pursued.

He said: “In Nigeria, as part of our strategies to reposition the oil industry, this administration has commenced the process of implementing carefully conceived initiatives, to reduce production costs and encourage efficiencies in oil exploration so as to achieve a 30 per cent increase in daily production levels (to about 2.8mbpd).”

Buhari added that Nigeria is also working on how to reduce gas flare through Joint Venture (JV) contracts that will expand infrastructure and deploy liquified natural gas (LNG) for domestic and industrial uses.

He explained to the ministers of energy of the 33rd Ordinary Session of the Council of Ministers of African Petroleum Producers Association (APPA) that in processing Africa’s hydrocarbon resource, environmental issues must be accorded priority.

Buhari noted that globally, over 150 billion cubic meters of associated gas (AG) is flared yearly; of this figure, Africa flares an estimated 40 billion cubic meters yearly.

He said: “In Nigeria, gas flaring amounts to about 23 billion cubic meters per annum; in over 100 flare sites constituting over 13 per cent of global gas flaring.

“Nigeria is a member of the World Bank Global Gas Flaring Reduction (GGFR) Partnership and with the support of our legislature; we will sign the United Nations Agreement of “Zero Routine Flaring by 2030” although our national target is 2020. I urge all APPA member countries to set realistic targets for gas flare-out in the region.”

He told the association that Africa must substantially achieve value addition in the exploitation of its natural resources, stressing that APPA must recognise that the development of domestic refining capacity in oil and gas is critical to sustainable economic growth.

Buhari said: “I challenge African Ministers of Energy to further explore cooperation mechanisms to expand regional refining capacities in an efficient and cost effective manner.

“Let me assure that Nigeria is ever ready to provide support in manpower development through the Federal University of Petroleum Resources, Effurun and the Petroleum Training Institute, Warri.”



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