Nigeria: FG Assures On 40 Billion Barrel Target

Lagos — The Federal government has restated its commitment to grow the nation's oil reserve to 40 billion barrels in 2020.

Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke gave the assurance at the opening ceremony of the Annual Conference and Exhibition of the Society of Petroleum Engineers (SPE) in Lagos.

Mr. Andrew Yakubu, Group, Managing Director, Nigerian National Petroleum Corporation (NNPC), who represented the Minister at the event, said that government's moves to grow the reserve is hinged on the aggressive repositioning of the oil and gas sector and the submission of the Petroleum Industry Bill to the National Assembly.

He said that if the oil and gas sector is exploited further, it will provide the much needed increase in revenue, generate employment for the youth and further increase the growth of other sectors of the Nigerian economy.

Speaking on the deregulation of the downstream sector of the nation's petroleum industry, Engr Yakubu said that the policy will in the long run give investors recovery of their investment.

"There is no doubt that the deregulation of the industry is going to help investors because that will guarantee their investments. Deregulation of the downstream - particularly as it affects kerosene and PMS - as you are aware other products are being deregulated, but the two are very critical to returns on investment," he said.