Nigeria targets 3m bpd, $50bn investment, 215tcf gas
By Victor Ahiuma-Young & Johnbosco Agbakwuru ABUJA — The Federal Government has unveiled fresh plans to unlock Nigeria’s more than 215 trillion cubic feet (tcf) of proven natural gas reserves for industrial development, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country could raise crude oil production to three million barrels per day.
The NUPRC also disclosed that the Federal Government was targeting between $30 billion and $50 billion in fresh investment in the oil and gas industry, following incentives introduced to stimulate development, particularly in deepwater operations.
Stronger local content The Minister of Labour and Employment, Dr Muhammad Dingyadi, said industrial harmony would be critical to achieving sustainable growth in Nigeria’s oil and gas industry.
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