DPR projects 40bn barrels of oil reserve by 2025

Chinazor Megbolu |

The Department of Petroleum Resources (DPR) has projected 40 billion barrels of oil condensate reserve by 2025.

The regulatory agency made this known at the weekend through its Director, Mr. Sarki Auwalu during the Society of Petroleum Engineers (SPE) Abuja Section 199 Independence Day Virtual Lecture, hinting the move is realistic and achievable by 2025.

He explained the initiative is possible because of the policies and programmes being implemented by the Federal Government.

Auwalu also noted that the country was also planning to increase its gas reserve to 210TCF by 2025 and 220TCF by 2030.

Auwalu said the nation’s human and natural resources, which is massive, has put it in a vantage position as Africa’s largest economy.

According to Auwalu; “Nigeria is positioned to optimally develop its oil and gas resources for the benefit of stakeholders who are the ordinary Nigerians.

“Reforms in the oil and gas sector are geared toward realising government’s aspirations.

“Government’s target to increase our oil condensates and gas reserves by 2025 is realistic and achievable with the programmes and policies being put in place”.

He further pointed out that oil reserve of the country has been stagnated for over 17 years at 37 billion barrels, stressing it was because Nigeria chose to give opportunities to more local firms to participate in the oil and gas industry.

Auwalu, however, posited aforementioned has led to the emergence of the Independent Petroleum Producers Group, a wholly indigenous initiative, which could compete with international oil organisations presently.

“Over $40 billion Foreign Direct Investment (FDI) has been attracted to the petroleum sector within the last 10 years, as Nigeria remains a destination of choice for investors,” Auwalu said.

He also averred that the oil industry could surpass its 10 per cent contribution to the Nigeria’s Gross Domestic Product by driving in-country value addition and investments.