Nigeria’s Department of Petroleum Resources has announced that it aims to increase the country’s oil reserves and condensates substantially to 40 billion barrels by 2025.
According to Sarki Auwalu, Director of the Department of Petroleum Resources, the government will achieve this target through the 57 marginal fields soon to be awarded to investors – which will see an upsurge in exploration programs – and the planned reform of the oil sector that would stimulate investment.
“Nigeria’s target of 40 billion barrels oil/condensate reserve[s] by 2025 is a realistic and achievable target,” said Auwalu. “The policies and programs being implemented by the Federal Government, including the ongoing bid rounds for marginal oil fields, reforms in the oil and gas sector are geared toward realizing these aspirations.”
On June 1, Nigeria put 57 marginal oil fields located on land, swamp and shallow offshore terrains in the Niger Delta region up for auction, which are expected to bolster oil reserves and revenues battered by the slump in global prices.
Meanwhile, Alhaji Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation, said the state-owned oil company would put pressure on Nigerian lawmakers to consider and pass the delayed landmark oil reform legislation, the Petroleum Industry Bill into law.
“Although the Petroleum Industry Bill is still not yet over the line after two decades, it gladdens my heart that there is a renewed commitment on the part of everyone to get it passed. We will continue to push for the passage of the Bill,” said Kyari.