FG still trying to find out Nigeria’s actual PMS consumption - NNPC

- NNPC says the corporation does not know the actual volume of fuel being consumed by Nigerians

- It also claimed that National Executive Council have given the NNPC the mandate to determine actual consumption of fuel

- The corporation also said it would increase the country’s crude oil reserves by one billion barrels yearly to attain 40 billion barrel by 2020

Nigerian National Petroleum Corporation (NNPC) says the actual fuel consumption by Nigerians is not known and has put a machinery in motion to determine the volume of the commodity purchased by Nigerians on a daily basis.

NNPC disclosed this on Wednesday, July 4, at the ongoing Nigerian Oil and Gas Conference and Exhibition in Abuja.

Vanguard reports that chief operating officer, downstream of the NNPC, Henry Obih, said the mandate to determine actual consumption of fuel has been given by the National Executive Council to the NNPC.

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He added that the issue of actual fuel consumption had been a controversial issues over the last couple of months.

Meanwhile, Dr Maikanti Baru, the group managing director of Nigerian National Petroleum Corporation (NNPC) said the corporation would increase the country’s crude oil reserves by one billion barrels yearly to attain 40 billion barrel by 2020.

Baru gave the assurance during his keynote address titled: “Driving Nigeria’s oil and gas Industry towards Sustained Economic Development and Growth,” at the ongoing 17th Nigerian Oil and Gas conference in Abuja on Tuesday.

He said the corporation was also working towards increasing daily oil production to three million barrels per day (bpd).

The NNPC boss said the corporation would also ensure that the Nigerian Petroleum Development Company (NPDC) grew its production to 500,000bpd of oil and 1.5Bscfd of gas by 2020.

He commended the innovative and bold strides of the organisers of the conference in providing a platform for the interaction and cross fertilisation of oil and gas industry ideas in Nigeria.

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Legit.ng had reported that the Nigerian National Petroleum Corporation (NNPC), claimed the NNPC, First E&P and Schlumberger 724 million dollars (N2.6 billion) oil financing deal will enable Nigeria earn 5.60 billion dollars (N2.01 trillion) in taxes and royalty.

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Source: Legit.ng