The Nigerian National Petroleum Corporation (NNPC) says it is considering approaching the Capital market to fund its new projects, Dr Maikanti Baru, Group Managing Director of the corporation said Tuesday.
The projects include the NNPC/NAOC JV Idu-Re-development, South Gas Project, North Gas Project and Central Gas Project, he said, while speaking at the ongoing Nigeria Oil and Gas (NOG) conference and exhibition in Abuja.
With the theme: “Driving Nigeria’s Oil and Gas Industry Towards Sustained Economic Development and Growth”, Dr. Baru explained that funds from the Capital market would also be used to develop the NNPC/TEPNG JV’s Ikike Project, NNPC/SPDC JV Southern Swamp and Associated Gas Solution Step 2 Project, among others.
“We intend to sanction the Multibillion US Dollars Bonga South West/Aparo (BSWA) project as soon as we conclude an agreement on the Heads of Terms with SNEPCO on the various pending PSC Arbitration disputes. This will jump start the resolution of all the other PSC Arbitration Disputes,” Baru said.
He stated that the current daily domestic gas demand had attained an unprecedented level of 4,000 million standard cubic feet of gas per day which is still expected to grow exponentially to about 7,500mmscfd in the next five years.
“Within the next three years, NNPC, in collaboration with its Joint Venture partners, is committed to increasing natural gas availability from 1.5bscf/d to about 5billion standard cubic feet per day in 2020 to generate up to 15GW of electricity as well as stimulate gas-based industrialization,” he added.
Dr Baru also stated that the outlook for 2018 and beyond for the NNPC was to increase crude oil reserves by 1billion barrels year-on-year from the current 37billion barrels to 40billion barrels by 2020 as well as increase national oil daily production to 3million barrels per day.
He assured that the Federal Government would continue to put in place policies that would grow production volumes and reduce contract approval time to guarantee efficiency in the petroleum sector.