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Plans To Increase Oil, Gas Reserves On Course, DPR Confirms
The Department of Petroleum Resources (DPR) says the Federal Government’s plans to increase the nation’s oil and gas reserves, are on course and being boosted by strategic policies and programmes.
The Head, Public Affairs, DPR, Mr Paul Osu, made this known in a statement, yesterday, in Lagos.
Osu said the national aspiration of Nigeria was to increase its reserves from 36.91billion barrels to 50billion barrels, in the short to midterm.
He said the government was also targeting increasing Nigeria’s proven gas reserves from 206.53TCF to 250TCF.
According to him, the strategic focus for Upstream includes bid rounds, reserve growth, increased production and reduction of production cost per barrel.
Osu said majority of the companies that won the bid for the nation’s 57 marginal oilfields, had paid their signature bonuses to the federal government.
He noted that about 600,000 barrels of crude oil per day would be added to Nigeria’s production volume within the next few years, when the fields begin production.
Osu said the government was also looking at increasing frontier exploration activities, which had been given a boost by the recent signing of the Petroleum Industry Act, by President Muhammadu Buhari.
In terms of increasing production, he said the DPR had initiated the Maximum Economic Recovery (MER) strategy for the oil and gas industry and would be rewarding deserving individuals and companies.
Osu said plans to reduce cost of production to $10per barrel was still being implemented and was achievable, in order to attract more investors to the sector.
He said the DPR would continue to create opportunities for investors and stakeholders in the oil and gas industry, as well as enable the successes of businesses, using its service instruments of licences, permits and approvals.
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
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