The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said that Nigeria’s oil industry has the potential to alleviate global supply issues if fully developed to assume its natural role as a major strategic lever in the global economic and security space.
To this end, she said that the country aspires to grow her crude oil reserves to 40 billion barrels and increase production capacity to four million barrels per day by 2020.
“The Nigerian deepwater and shallow offshore have shown to be highly prolific. With expansion of capacity by almost one million barrels per day over the next few years, Nigeria can significantly contribute to global supply additions and diversification, thereby alleviating the challenge of supply concentration around the Middle East,” she said.
The minister who made the submission while delivering a memorial lecture on the Strategic Importance of Nigeria’s Oil and Gas Industry to Global Security and World Global Economy, at the Howard University, in Washington DC, United States, also hinted that in the years ahead Nigeria would expand its Liquefied Natural Gas (LNG) capacity from the current 26 Million Tones Per Annum, (MTPA), with additional 20 MTPA through the planned Brass LNG which final investment decision, she said, was fast approaching.
Alison-Madueke, an alumnus of the University, according to statement by the NNPC spokesman, Dr. Levi Ajuonuma, was also conferred with the Centennial Achievement Award by the College of Engineering, Architecture and Computer Sciences of the Howard University.
In her presentation, the Minister argued that Nigeria’s oil and gas reserves, estimated at 37billion barrels and 187 trillion cubic feet, respectively, and its leading role in the regional and continental spheres placed it in a position to “provide a low hanging mechanism to address global security challenges. She noted that with energy in the heart of every economic, environmental and development issue, it has inextricably become linked to global security and the economy, adding that current volatility and exceptionally high energy and commodity prices exacerbate current global financial crunch and economic meltdown.