Business Latest

Nigeria will be net exporter of petrol in 2 years –DPR

Nigeria will be net exporter of petrol in 2 years –DPR

Nigeria intends to become a net exporter of gasoline and other petroleum products by 2022 as oil refinery projects spring up around the country, the Department of Petroleum Resources (DPR) said Tuesday.

Sarki Auwalu, the DPR chief, said in Lagos during a working visit by the Minister of Information and Culture, Lai Mohammed that Nigeria was on track for fuel self-sufficiency and exportation, with five built refinery plants across the country and seven in the making.

A combined capacity of 375,000 barrels per day (bpd) are due from 27 modular refineries, the DPR head disclosed in a statement published on its website, going further to say that 650,000 bpd will be provided by the Dangote refinery when it begins operation.

Read also: PPPRA grants oil marketers permits to begin importation of petroleum products

Auwalu added that 450,000 bpd were expected from government refineries but did not mention when the projects would be completed.

The regulator has the ambition of increasing oil reserve to 40 billion barrels and gas to 210 metric feet, he said, adding that DPR would also ramp up its own oil production from the current 2.4 million capacity to 3 million while cutting production costs.

“Currently, we have oil prospective license about 61, more than 2, 000 wells that are producing crude oil and condensate, we have about 125 wells producing gas.

“We equally have 20 floating, loading and offloading vessels. 28 oil terminals, several float stations and oil and gas processing factories.”

Join the conversation


About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

/* ]]> */