The Nigerian Content Development and Monitoring Board (NCDMB) has announced that the steady growth in the Nigerian oil and gas industry, including oil reserve growth, production, utilization, and skills acquisition, would assist the country to achieve a combined refined capacity of 1.5 million barrels per day by 2025, which will be a significant boost to the country’s economy.
Engr Simbi Wabote, Executive Secretary, NCDMB made this known in his keynote address at the 3rd Biennial International Conference on hydrocarbon Science and Technology, organised by the Petroleum Training Institute (PTI) in Abuja.
Speaking on the theme, “The Future of the Oil and Gas Industry: Opportunities, Challenges and Development,” Engr. Wabote said that the Nigerian oil and gas industry is growing steadily across several fronts despite reduced investment due to the global quest for cleaner energy and divestments of some onshore and shallow assets by a few international oil companies.
The ES NCDMB expressed optimism that Nigeria would meet the target in view of the various refining investments including the 650,000 barrels per day Dangote refinery, BUA group refinery project, Waltersmith modular refinery, Duport Midstream refinery, OPAC refinery, Edo refinery, Aradel Holdings refinery as we as the existing 445,000 barrels per day capacity from the Kaduna Warri and Port Harcourt refineries.
He, therefore, identified the industry’s positive trends to include the growth of oil and gas reserves, gas production and utilization, local refining, and skill acquisition.
The NCDMB boss further suggested that the manifestation of these trends and projections could lead to Nigeria achieving zero crude oil export and becoming a gas-powered economy, which according to him could translate to the socioeconomic development of the country.
According to him, achieving zero crude oil exports would mean that Nigeria fully refines all the oil produced from our fields and exports excess refined products, noting that the impact on in-country value addition will be massive on the country’s Gross Domestic Product.