NNPC To End Fuel Importation, Grow National Reserve to 40billion barrels by 2025

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The Nigerian National Petroleum Corporation (NNPC) has revealed plans to end fuel importation by year 2025  by growing the national fuel reserve to 40billion barrels by 2025 and improve crude oil production to three million barrels per day.

Group Managing Director of NNPC, Mele Kolo Yari stated this yesterday 2019 conference and exhibition of the Society of Petroleum Engineers (SPE) Nigeria Council.

The NNPC chief said: “Nigeria is still a net importer of petroleum products due to the current state of our refineries and the long absence of private investment in the refining sector.

“We require more investment to revamp and expand our domestic refineries and associated infrastructures to support the growth of the downstream sector and guaranty energy security to the nation.  We are progressing with the establishment of Condensate refineries to fast-track domestic supply of petroleum products.  In the same vein, the Corporation would support the actualisation of the 650,000 barrels per day Dangote Refinery, as well as other private initiatives along this line.”

Speaking inline with the team of the event; Artificial Intelligence, Big Data and Mobile Technology, Changing the Future of the Energy Industry’ Kyari acknowledged the important role technology plays in driving the growth of oil and gas industry across the world and the role right environment plays in enhancing the desired growth. He assured that he will address all the impediments on the way of Nigeria’s oil and gas industry’s growth to achieve all the aspirations of the government and players.

He said: “No doubt, the emergence of Artificial Intelligence (AI) has altered the dynamics of our operations by providing quicker processes and interventions in the conduct of petroleum operations. This also is on the back of big data that provides the platform for an effective AI system. The combination of AI and big data are complemented further by mobile technology that enables real time access to information and the execution of apparently complicated operation from remote locations.

“Today, single data platforms exist that link large amount of information to create robust decision support across variety of industry operations – to grow reserves, increase production at the lowest possible UTC, compete for market with emerging alternative production sources, to take market position in renewable energy, and address the challenges posed by regional security issues, market volatility, activities of vandals and saboteurs, and oil thieves and pirates.”

He also said the nation’s oil industry is beleaguered by other issues that are not necessary technology driven such as fiscal regime, adding it has to be addressed in order to accelerate investment across the value chain.

“Today, despite the opportunities that exist in the industry, investment decisions in oil and gas projects in Nigeria have become increasingly difficult to closeout.

“This I believe is driven by unclear fiscal terms of various production contracts and the delays in the passage of the lingering petroleum legislation.

“The effect is for investors to opt for alternative portfolios when making financing decisions. We, therefore, need to collaborate to ensure the timely resolution of contractual issues and the passage of the necessary petroleum legislation,” he said. 

DailyTrend

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