Published On: Thu, Oct 18th, 2012

NNPC targets 40 billion barrels of crude reserves by 2020

Kaduna refinery records daily output of four million litres of PMS

THE Nigerian National Petroleum Corporation (NNPC) has emphasised its determination to increase the nation’s crude oil reserve from its current level of 37 billion barrels to 40 billion barrels by the year 2020.Yakubu-Andrew

Speaking in Kaduna at a reception organised by the state government in honour of some illustrious sons and daughter of Kaduna State, the Group Managing Director of NNPC, Andrew Yakubu, said that apart from ensuring an increase in the level of proven reserves, the corporation was working assiduously to raise production from 2.4 million barrels per day (bpd) to a record of four million bpd by 2020.

Nigeria’s production level is currently at 2.4mbd after recording an all-time high of 2.7 million bpd late July.

A statement from the Group General Manager, Group Public Affairs Division, NNPC, Fidel I. Pepple, quoted Yakubu as saying: “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 four million barrels per day by 2020,”

The GMD also assured that the corporation, alongside its Joint Venture partners, was strategically focused on power generation via effective alignment with the power supply aspiration of the Federal Government.

He said 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, however, assured residents of Kaduna and adjoining states of adequate supply of petroleum products, noting that Kaduna Refinery is currently producing about 4 million litres of Premium Motor Spirit (PMS) per day.

“The Kaduna Refinery is one of the best  in the country today. It currently produces four million 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 is 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.

Meanwhile, the corporation reassured of its commitment to greater openness and transparency to all the corporation’s stakeholders in the oil and gas sector.

Yakubu made this pledge while receiving the Chairman and Members of the House of Representatives Committee on Treaties and Agreement in his office recently.

Yakubu said the management of the corporation was ready to embrace any input from any quarter that will add value to its business and pledged greater cooperation and transparency to its stakeholders.

Speaking on the objective of their mission, the Chairman of the House Committee on Treaties and Agreements, Hon. Yacoob Bush Alebiosu, explained that his Committee was at the NNPC as part of its oversight function and to intimate the management of the need to refer all bilateral or multilateral treaties or agreements that place financial obligation on Nigeria or require domestication to the National Assembly.

Alebiosu said he has discovered in the course of the Committee’s work that there is no clear-cut structure in place for the effective implementation of treaties and agreements entered into by the government, a situation, he lamented, has cast the nation in bad light.

The Company Secretary and Legal Adviser to NNPC, Mr. Anthony Madiche, pointed out that the only treaties that the corporation is privy to were the Joint Development Zone Treaty with Sao Tome and Principe and the Carbon Credit Treaty aimed at ending gas flaring.

He explained that the Federal Government was the signatory to both treaties and that NNPC is 9

only involved as the agency that oversees government’s investments in the oil and gas sector.

Author of this article: By Sulaimon Salau

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