By Adedapo Adesanya
The Department of Petroleum Resources (DPR) has said that Nigeria will become a net exporter of petroleum and petroleum products in the next two years, saying that oil refinery projects across the country are progressing towards completion and take-off.
This was disclosed by the Director of the DPR, Mr Sarki Auwalu, in a statement, noting that a combined 375,000 barrels per day capacity is expected from 27 modular refineries and that additional 650,000 barrels per day are expected to come from the Dangote refinery being built by business mogul and Africa’s richest man, Mr Aliko Dangote set for a completion date of 2021.
Also, BUA Group is set to build a 200,000 barrels per day capacity after signing an agreement with Axens of France for the supply of process technologies for a 10 million tonnes per annum mega refinery and petrochemicals facility to be sited in Akwa Ibom State.
According to the DPR, five refineries are being built across the country and another seven are planned, which would reverse Nigeria’s dependence on imported fuels.
These will add to the existing government-owned refineries in Warri, Kaduna and Port Harcourt with a combined 445,000 barrels per day capacity, but which are moribund and leaking revenue according to figures released by the Nigerian National Petroleum Corporation (NNPC), the agency added.
In its recent report, the national oil company revealed that three refineries in Nigeria cost the country N148 billion in expenses, but produced less than 40,000 metric tonnes of crude oil in the last 13 months.
The DPR director also said Nigeria aims to expand oil reserves to 40 billion barrels and gas reserves to 210 trillion cubic feet.
He said the department would aim to grow oil production from its current 2.4 million barrels per day capacity to 3 million barrels per day production capacity and cut production costs.
Modupe Gbadeyanka