The Nigerian National Petroleum Corporation (NNPC) has reiterated its resolve to grow the nation’s hydrocarbon reserves to 40billion barrels In its reinvigorated exploratory activities in the inland frontier basins across the country.
Group Managing Director of the Corporation, Mele Kyari, gave this assurance while delivering a message at the opening ceremony of the 38th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists, NAPE.
A statement by the Group General Manager, Group Public Affairs Division of NNPC, Dr. Kennie Obateru, quoted the gmd as revealing that crude oil has already been discovered in the Benue Trough in commercial quantity, with Nigerian Geologists spearheading the efforts.
He noted that NNPC strategy is to aggressively explore for more oil in the frontier basins in order to grow the nation’s reserve base, in line with the Federal Government’s aspiration to hit the 40billion barrels reserve target.
Kyari said the theme of this year’s conference: “Accelerating Growth in Nigeria’s Hydrocarbon Reserves: Emerging Concepts, Challenges and Opportunities” fits squarely into NNPC’s key aspiration, which is to grow the nation’s hydrocarbon reserves, reduce unit operating cost of crude oil production to $10 per barrel and improve efficiency across its businesses He commended the good work and resilience of its in-house professionals in the ongoing inland basins exploration activities that culminated in the recent discovery of hydrocarbons in Benue Trough.
According to him, NNPC has made significant progress in improving operational efficiency through the adoption of technology and deliberate effort to curtail soaring cost of operations across strategic assets.
The GMD expressed optimism that the Petroleum Industry Bill would be passed next year, noting that the fiscal environment proposed would attract more investment into the Oil and Gas Industry.