Lagos and Abuja — The Nigerian National Petroleum Corporation (NNPC) has said it has exceeded its target for Gas-to-Power aspirations and is taking steps to grow the nation's crude oil reserves to 40 billion barrels and daily crude oil production to four million barrels per day by 2020.
The corporation's Group Managing Director (GMD), Mr. Andrew Yakubu, made the disclosure at the 42nd Annual General Meeting (AGM), Conference and Exhibition of the Nigerian Society of Chemical Engineers (NSChE) in Abuja.
He said the strategic focus of the corporation was to ensure that between 70 to 80 per cent of gas produced in the country was channelled to power generation, in line with government's bid to achieve steady electricity supply in the country.
"One strategic focus we had when we came on board was to ensure that gas availability to power was met and I am glad to tell you that as at today, we are in surplus of gas availability to power, in line with the Federal Government's power initiative," Yakubu said.
Yakubu said going forward, NNPC would consolidate on gas to power and industry to boost economic activities in the country, stressing that the aggressive commercial framework put in place by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has added impetus to the current arrangement.
The GMD stated that the gas aggregator and other key commercial initiatives have gone a long way in stimulating investment in the oil and gas sector of the economy.
He revealed that a lot of investment had been put in place to ensure gas flare down, noting that gas flaring had been reduced by about 15 per cent.
He also disclosed that export initiatives on gas had been stepped up, while plans were under way to achieve zero gas flaring in the country.
Yakubu commended NSChE for its capacity growth contributions to the NNPC workforce and the Nigerian society at large, adding that their impact on the petroleum sector of the country was far reaching.
He said the theme of this year's NSChE conference, 'Harnessing Water Resources for National Development', was apt given that there is a global paradigm shift from the use of fossil fuels to renewable energy.
In his welcome address, the National President of NSChE, Dr. John Erinne, said chemical engineering principles were at the centre of techniques and technologies for the treatment of water for a wide spectrum of applications and purposes including oil field-produced water and industrial waste.
Erinne explained that water which ordinarily should be a resource to support human existence and national development was ravaging human existence as experienced during the unprecedented floods around the country in the last two months.
He said that the conference would examine strategies for dealing with floods and other water-related disasters.