13 January 2011
The Federal Government has missed its oil targets for 2010.
The government's aspiration was to grow the proven oil reserves to 40 billion barrels and 4 million barrels per day capacity by the end of 2010, but all the two drives fell short at the end of the period.
It was learnt that the ambitious oil aspirations by the government for the year 2010 were flunked despite the relative peace attained in the Niger Delta region as a result of the Amnesty Programme and huge loans collected from multinational oil companies to execute some projects towards achieving some of these targets.
The oil drives were on since 2005, since then the subsequent administrations both at the petroleum ministry and the Nigerian National Petroleum Corporation (NNPC) invested heavily to achieve them.
An industry source told Daily Trust that out of the 40 billion proven reserves aspiration, the country attained 36 billion proven oil reserves, while the production capacity per day is now at 3.3 million instead of the 4 million barrels capacity. Oil reserves are the amount of commercially recoverable crude oil.
The source who spoke under condition of anonymity also said the current production of oil is between 2.3 to 2.4 million barrels per day, adding that the country cannot go beyond the Organisation of Petroleum Exporting Countries' (OPEC) quota.
No comments:
Post a Comment