Thursday, 22 July 2010

Nigeria to double its oil production by 2030 says SPE

Society of Petroleum Engineers (SPE) has said that Nigeria could double its oil production to 4 billion b/d by 2030. Talking at the SPE's 34th conference, in Calabar, chairman of the Nigeria Council, for the international body of petroleum industry professionals, Anthony Abolarin, said that Nigeria is the most lucrative oil producer in Africa, and that it's trade is set to double from 2 billion b/d to 4 billion b/d in the next 2 decades.

“We know the environment, we employ local people and so we become part of the fabric of the communities in which we do business. Ultimately, we are committed to Nigeria for the long-term and it is this that is absolutely key to any company that plans to reap the benefit of high returns in the country,” said Abolarin.

Talking about the forthcoming SPE NAICE, one of the largest upstream oil and gas event in Africa, held annually in Nigeria, Abolarin said that the conference will aim to chart the right course of action towards a sustainable future for the African oil industry.

“We hope to bring to the fore at this conference, issues that will shape the industry development for the benefit of policy makers, entrepreneurs, professionals and the public as they plan for the prevailing and future scenarios in the energy industry,” he said.

The SPE NAICE conference will be hosted by President Goodluck Jonathan, and is expected to be attended by a number of African dignitaries, ministers and the president of Angola, José Eduardo dos Santos, the President of Ghana, John Atta Mills and the President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo.

Source: Daily Independent Nigeria

For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.

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