Oil And Gas Exploration Set To Begin In North East – Buhari
President Muhammadu Buhari yesterday disclosed that his administration has plans to extend oil and gas exploration into new fields in the Lake Chad Basin in the North East and in the coastal states, like Lagos, where oil has been discovered in commercial quantity.
The president, who was represented by Vice President Yemi Osinbajo, disclosed that, as part of strategies to reposition the Nigerian oil and gas industry, his government had commenced the process of implementing carefully conceived initiatives which would see the country hitting a production target of 2.8 million barrels per day (bpd) of crude oil.
The president made these disclosures yesterday while declaring open the 6th African Petroleum Congress and Exhibition (CAPE VI) being hosted in Abuja.
The measures, he explained, would come in the form of reduction in production costs and increased efficiency in oil exploration so as to achieve a 30 per cent increase in daily production.
The president also asserted that it was unacceptable statistic for Nigeria to be responsible for 23 billion cubic meters of the 40 billion cubic meters of gas flared annually in Africa, even as he declared his resolve to partner with the legislature to ensure the signing of the United Nations Agreement of ‘Zero Routine Flaring by 2030.’
He said, “In Nigeria, gas flaring amounts to about 23 billion cubic meters per annum in over 100 flare sites, constituting over 13 per cent of global gas flaring. Nigeria is a member of the World Bank Global Gas Flaring Reduction (GCFR) Partnership and with the support of our legislature, we will sign the United Nations Agreement of Zero Routine Flaring by 2030, although our national target is 2020.”
The administration, he said, also plans to strengthen the institutional framework on policy formulation through legislation on the Petroleum Industry Bill (PIB) as a prerequisite for the development of the sector and attraction of foreign investment.
He also listed the strategies to include unbundling the