Nigerian companies' oil and gas production ‘to increase by 30 per cent in five years’

oil nigeria-johnhill wikimedia commonsThere are 100s of underdeveloped discoveries onshore Nigeria. (Image source: John Hill/Wikimedia Commons)Nigeria’s indigenous energy companies will increase their oil and gas production by 30 per cent in the country in the next five years, according to Atlantic Energy CEOs

Scott Aitken, co-CEO of Atlantic Energy, had announced this on the sidelines of the African Oil Week held recently in Cape Town, South Africa.

Aitken said, “Nigerian companies have pushed for increased local participation in the upstream sector. Five years ago, six to seven international oil companies were producing over 97 per cent of Nigeria’s oil and gas and now Nigerian companies are producing close to 10 per cent. I believe we can have 30 per cent of Nigeria’s oil and gas production being produced by Nigerian companies within five years. The time is now for companies like Atlantic Energy and other indigenous companies to step up to the plate.”

He added that this would increase the opportunities and access of companies to eight billion barrels of crude oil and 1.3 trillion cubic metres of gross natural gas reserves.

There are 100s of underdeveloped discoveries onshore Nigeria and with the recent divestments of onshore assets by international oil companies operating in Nigeria, the CEO noted.

At the summit, Aitken also discussed the challenges to the development of existing oil and gas assets and increasing production.

Meanwhile, Atlantic Energy has reportedly increased in the reserves of the assets as well as new field development programmes. Aitken also said that Atlantic Energy has invested over US$500mn further to the Strategic Alliance Agreement with Nigerian Petroleum Development Company (NPDC).

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