Nigeria’s Oil Reserves have been stagnant for the past 17 years. This stagnation was caused by the federal government’s policy on indigenous participation in the oil and gas sector
Sarki Auwalu, the Director of the Department of Petroleum Resources (DPR), disclosed this yesterday in Abuja at the Society of Petroleum Engineers (SPE) at Abuja Section 199 Independence Day Virtual Lecture.
He said Nigeria’s oil reserves had stagnated for over 17 years at 37billion barrels because the country chose to give opportunities to more indigenous companies to participate in the oil and gas sector.
Auwalu however stressed that the decision to allow more indigenous firms led to the emergence of the Independent Petroleum Producers Group (IPPG) which are wholly owned by Nigerians and could compete today with the International Oil Companies (IOCs).
The DPR boss however expressed optimism about the realisation of the nation’s quest to achieve 40 billion barrels oil reserves and increased Foreign Direct Investments (FDIs) to the country.
He noted that Nigeria’s target of 40 billion barrels oil condensate reserve by 2025 was realistic and achievable, citing the varous policies and programmes being introduced and implemented by the federal government, including the ongoing bid rounds for marginal oil fields, construction of gas pipelines across the country as well as refineries and petrochemicals development.