The Nigerian National Petroleum Corporation (NNPC) has said that the country will increase crude oil reserves by one billion barrels yearly to meet 40 billion barrels target by 2020. Group Managing Director of the NNPC, Maikanti Baru, who spoke yesterday at the ongoing Nigerian Oil and Gas (NOG) conference and exhibition in Abuja, said the corporation’s focus for 2018 and beyond was to increase crude oil reserves by one billion barrels year-on-year from the current 37 billion barrels to 40 billion barrels by 2020 and also increase national oil daily production to three million barrels per day. Baru said security and environment, high industry technical cost, funding of investments, among others, as well as low crude oil prices, remain key challenges in the oil and gas sector, adding the current administration has been working hard to address them. According to him, government has issued an updated oil […]