Speaking at the SPE London Annual Conference 2015, Seplat Petroleum Development Company Corporate Planning Manager Kazeem Raimi confirmed Wednesday that Nigeria plans to quintuple daily gas production and almost double daily oil production by 2020.
Raimi stated that the country’s current gas output stood at 4 billion cubic feet per day, with gas reserves at 180 trillion cubic feet, and Nigeria’s current oil production rate was 2.2 million barrels per day, with reserves at 37 billion barrels. The 2020 target for the country’s daily gas and oil production is 20 billion cubic feet per day and four million barrels of oil per day, respectively, according to Raimi. Nigeria’s gas reserves are also targeted to increase to 300 trillion cubic feet and oil reserves to 40 billion barrels.
Nigeria holds the largest oil and gas reserves in Africa and approximately 80 percent of the country’s GDP comes from the oil and gas industry. The West African country spends an annual average of $40 billion in upstream investment and is the largest hydrocarbon producer in Africa.
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