The Nigerian National Petroleum Corporation (NNPC) has said that without the invention of fresh hydrocarbons in some parts of the country, the present 37 billion barrels in reserves will dry up in 30 years, given a projection of two .3 million barrels per day by 2023. The corporation which recently set a target of a 3 billion increase, which can take the reserves to 40 billion barrels, noted that it’ll still dig for more petroleum, noting that at 2019 production levels, the present deposits will likely dry up in an extended period of 40 years.
Speaking during the NNPC/IDSL asset management and operational excellence webinar series tagged: ‘Developing Strategic Organisational Framework to enhance Asset Management Efficiency’, Group head, National Petroleum Investment Services (NAPIMS), Mr Bala Wunti, also stressed that the ten per cent gas being flared can provide tons of power for the country.
Data source: All Africa news