(Ecofin Agency) - As part of efforts to ensure that Nigeria becomes a fully industrialized country by 2020, the Nigerian National Petroleum Corporation (NNPC) has said that the nation would have to boost its oil and gas reserves and produce about 15 billion standard cubic feet per day of gas.

This was declared by the Group Managing Director of NNPC, Maikanti Baru, during a dinner hosted by the Nigerian Association of Petroleum Explorationists (NAPE). He added that the country’s current reserves would only last for 35 years.

Baru urged NAPE, as well as other stakeholders in the sector, to concentrate on boosting the reserves in line with Nigeria’s goals to increase its oil production to 4 Mmbpd by 2020.“Our national gas demand forecast to year 2020 (domestic plus export) indicates a rapid growth to 15bscfd meaning current reserves level can only sustain that production for 35 years if we do not increase the 2bscfd gas reserves base which require 3tcf to replace production yearly,” he said.

The GMD said that the NNPC has made improved its exploration efforts in the Chad Basin, Benue trough and the other frontier basins in an attempt to prop up the reserve base of the country.

“Some of our earlier drilled non-commercial holes could be turned around if we deploy requisite technologies. We need to change our perspective of risk as technology is advancing,” he told This Day.

Anita Fatunji