- September 1, 2021
- Posted by: adminer
- Category: Natural Resources
The Department of Petroleum Resources (DPR) says the Federal Government’s plans to increase the nation’s oil and gas reserves, are on course and being boosted by strategic policies and programmes.
Mr Paul Osu, Head, Public Affairs, DPR, made this known in a statement on Tuesday in Lagos.
Osu said the national aspiration of Nigeria was to increase its reserves from 36.91 billion barrels to 50 billion barrels, in the short to midterm.
He said the government was also targeting increasing Nigeria’s proven gas reserves from 206.53TCF to 250TCF.
According to him, the strategic focus for Upstream includes bid rounds, reserve growth, increased production and reduction of production cost per barrel.
Osu said majority of the companies that won the bid for the nation’s 57 marginal oilfields, had paid their signature bonuses to the Federal Government.