The Department of Petroleum Resources DPR says the Federal Government’s plans to increase the nation’s oil and gas reserves, are on course and being boosted by strategic policies and programmes.
Head, Public Affairs, DPR Paul Osu made this known in a statement in Lagos.
Osu said the national aspiration of Nigeria was to increase its reserves from 36.91 billion barrels to 50 billion barrels, in the short to midterm.
He said the government was also targeting increasing Nigeria’s proven gas reserves from 206.53TCF to 250TCF.
According to him, the strategic focus for Upstream includes bid rounds, reserve growth, increased production and reduction of production cost per barrel.
Osu said the government was also looking at increasing frontier exploration activities, which had been given a boost by the recent signing of the Petroleum Industry Act, by President Muhammadu Buhari.
He said the DPR would continue to create opportunities for investors and stakeholders in the oil and gas industry, as well as enable the successes of businesses, using its service instruments of licenses, permits and approvals.