Nigeria expects to raise oil production by 2020

Nigeria’s Petroleum Development Company sees oil production growing by 500,000 barrels per day in 2020, according to the Nigerian National Petroleum Corporation (NNPC) new commitment.

The NNPC will also raise natural gas output by 150 million cubic square feet per day within the same period, according to Dr. Maikanti Baru, Group Managing Director of the NNPC, who recently made an address titled “NNPC’s Commercial Strategy and Priorities.”

“Beyond growing gas for the power sector, there has been a strategic positioning of the sector to support massive gas-based industrialization. We will incubate and midwife a portfolio of critical and mutually dependent investments (Central Processing Facilities, CPFs, Fertilizer, Petrochemical, Free Trade Zone, FTZ, infrastructure and Ports) which will jumpstart the gas revolution agenda. NNPC intends to develop or take equity in some of these gas-based industries such as fertilizer and others”, he said.

The Nigerian oil official expressed confidence that the country’s oil and gas sector has begun the road to recovery. This is due to the fact that vandalism against the country’s pipelines in the Niger Delta region by militant groups, one of the main causes of the drop in Nigerian oil exports last year, are becoming increasingly less frequent, according to the government.

“We are having a lot of engagements with people in our core area of operations in the Niger Delta and this is bringing a lot of hope. If we go by the number of pipeline vandalism cases, they have dropped to an average of 20 per cent on a monthly basis as against a similar period last year. This is an indicator that calm is returning to the environment”, he said.

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