The Federal Government has unveiled plans to produce 4 million barrel of oil daily by 2020, it was learnt on Wednesday.
The Executive Director, Upstream Monitoring Division, Mrs. Pat Fasali Department of Petroleum Resources (DPR) made this disclosure in the DPR Half Hour on Radio Nigeria.
According to her, about 2.98 barrel of oil is stranded and undeveloped in the Nigeria’s oil province. She added that the country also has 6 trillion cubic feet of gas that has not been developed.
The Federal Government, she said, has targeted to raise the volume of its oil reserve to 40billion barrel by 2020.
She said that: “There are so many things that are stranded in the Nigerian oil province. And I can tell you that about 2.98billion barrels are stranded and not yet developed.
“Even for gas we still have 6 trillion cubic feet not developed. And government has the aspiration that it wants to have a reserve of 40 billion barrel by 2020. And that it wants to produce 4 million barrel per day. If we don’t make them to unify and start production, we will not achieve government’s aspiration.”
Commenting on the impact of the activities of the DPR on the nation’s economy, she said that oil is the economic mainstay of the country as it contributes about 80% of the Gross Domestic Product (GDP).
For the organization to sustain its contribution, she said it has to ensure that it carries out effective regulation of the licensing round, violation, penalty, permit and processing fees to sustain the revenue.