Nigeria To Quintuple Gas Production By 2020 | Independent Newspapers Limited
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Nigeria To Quintuple Gas Production By 2020

Posted: Jun 16, 2015 at 12:20 am   /   by   /   comments (0)

By Phillip Oladunjoye –  Lagos


Corporate Planning Manager, Seplat Petroleum Development Company, Kazeem Raimi, has said that the country was aiming towards quintuple its daily gas production and almost double daily oil production by 2020.

Raimi, who made the disclosure when speaking at the  recent 2015 SPE London Annual Conference, said that Nigeria’s current gas output stood at 4 billion cubic feet per day, with gas reserves at 180 trillion cubic feet, and that Nigeria’s current oil production rate was 2.2 million barrels per day, with reserves at 37 billion barrels.

He said the 2020 target for the country’s daily gas and oil production is 20 billion cubic feet per day and four million barrels of oil per day, respectively.

Raimi also said that Nigeria’s gas reserves are also targeted to increase to 300 trillion cubic feet and oil reserves to 40 billion barrels, noting that Nigeria holds the largest oil and gas reserves in Africa and approximately 80 percent of the country’s GDP comes from the oil and gas industry.

The report noted that Nigeria spends an annual average of $40 billion in upstream investment and is the largest hydrocarbon producer in Africa.