FG to increase oil production by 1 million bpd

THE Federal Government has announced it is making efforts to boost oil production by one million barrels per day (bpd) in the near future.
Nigeria currently produces 2.5 million barrels of crude oil per day and has a total reserve of about 36 billion barrels.
Following the speculations that the Federal Government was having financial challenges, there may be the need for the government to increase oil production, as it was the main source of revenue to the nation.
Minister of Petroleum Resources, Diezani Allison-Madueke, represented by the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr Andrew Yakubu, at the 36th annual conference and exhibition of the Society of Petroleum Engineers (SPE) in Lagos, on Monday, said the Nigerian deep water and shallow water had the capacity to increase crude oil production to almost one million barrels per day in the next few years, and increase total reserve to about 40 billion barrels by 2020.
She highlighted the reform embarked by the government to reposition the oil and gas industry and the new Petroleum Industry Bill (PIB).
According to her, "critically, the Nigerian crude oil reserve is over 36 billion barrels and a current production capacity of about 2.5 billion per day, which has made Nigeria the highest supplier of crude oil in the continent."