Nigeria plans to extend oil and gas exploration in new fields in the Lake Chad Basin in the North East and in the coastal states such as Lagos, where oil has been discovered in commercial quantity, All Africa reported.
According to President Muhammadu Buhari, this is part of a strategy to re-position the Nigerian oil and gas industry. Nigeria had commenced the process of implementing carefully conceived initiatives which would see the country hitting a production target of 2.8mb/d of crude oil.
The measures, he explained, would come in the form of reduction in production costs and increased efficiency in oil exploration so as to achieve a 30% increase in daily production, as Leadership informed.
The president also asserted that it was unacceptable statistic for Nigeria to be responsible for 23bcm of the 40bcm of gas flared annually in Africa. Buhari thus declared that he intends to resolve the issue with a new legislature to ensure the signing of the UN Agreement on the ‘Zero Routine Flaring by 2030’ global initiative.