FG commits to new oil and gas output goals

Posted by News Express | 4 March 2017 | 1,989 times

•NNPC Group MD Maikanti Baru.

The Federal Government is facilitating the growth of the midstream oil sector with a view to opening up other ancillary sectors that will help boost the industrial sector. Already, the Nigerian Petroleum Development Company, NPDC, is beginning to grow its natural gas production by 150 million cubic square feet per day in line with government aspiration, according to Dr. Maikanti Baru, the managing director of the Nigerian National Petroleum Corporation (NNPC).

Baru in his key note address at the Oil and Gas Conference in Abuja, said, “Beyond growing gas for the power sector, there has been a strategic positioning of the sector to support massive gas-based industrialisation.”

“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.”

Equally, the NPDC is strategically repositioning itself to see its production grow to 500,000 barrels per day by 2020, Baru revealed. He expressed confidence that the country’s oil and gas sector had started down the road to recovery as barrel prices trend closer to $60.

Pipeline vandalism in the Niger Delta by militant groups – a major cause of the drop in exports that Nigeria saw last year is now becoming less frequent, he observed. (LEADERSHIP)

Source: News Express