The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu, yesterday disclosed that Nigeria was working to accumulate 40 billion barrels of crude oil reserves and produce four million barrels per day.
Yakubu, who spoke at the ongoing media workshop for energy editors and correspondents in Uyo, the Akwa Ibom State capital, said: “Ahead of this, there is an aggressive exploration campaign in offshore, onshore and the inland basins of Chad, Anambra, Benue, Bida and Sokoto Dahomey.”
“We are also carrying out infield developments which have resulted in increased reserve and with the intensified approach, including the expedited action on new projects like Egina, the reserve and production targets is realizable.”
Yakubu said over 1,000 square kilometres of seismic data had been acquired in the Chad Basin in spite of the security situation in Borno State.
Yakubu said revamping of the corporation’s critical downstream facilities such as the refineries, depots, pipelines and jetties had remained the focus of the management.
He added that over 500,000 barrels of oil per day were potentially at risk due to incessant vandalism of four main crude export pipelines in the country.
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