Nigeria has set a self-imposed target of 3 million barrels per day (3mbpd) crude oil production for itself with the flag-off of the first drill for oil in Nasarawa State on Tuesday, The country currently drills 1.7 million bpd.
The country is also hoping to raise its oil reserves to 50 billion barrels in the next decade, from the current levels of 37.8 billion barrels.
Speaking at the flag-off of the Spud-in of Ebenyi-A Oil Well in Obi Local Government Area of Nasarawa State on Tuesday, President Muhammadu Buhari said the government was determined to boost the country’s oil production capacity by moving into new frontiers.
Group CEO of Nigerian National Petroleum Company Limited, Mr. Mele Kyari, claims that the industry is working to boost the country’s oil reserves to 50 billion from frontier explorations.
Kyari said NNPC was also working to raise daily production from the about 1.7 million barrels per day to 3million barrels per day.
Buhari pointed out that the drilling for oil in the Ebenyi-A well located in the Benue Trough “is in line of the ongoing campaign for the exploration of crude oil and gas in the nation’s frontier basins including the Chad Basin, Dahomey Basin, Anambra platforms, Calabar embankment, Sokoto Basin, Bida Basin, Benue Basin as well as ultra-deep offshore of the Niger Delta”.
“Today’s occasion marks the official commencement of the exploration drilling in the middle Benue Trough. This is consistent with the commercial discovery of hydrocarbons in the Kolmani area of Upper Benue Trough,” he added.
