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HomeTop NewsNigeria plans to grow its petroleum reserves to 40 bln barrels ~NNPC

Nigeria plans to grow its petroleum reserves to 40 bln barrels ~NNPC

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Nigeria plans to grow its hydrocarbon reserves to 40 billion barrels through reinvigorated exploratory activities in the inland frontier basins across the country, state-run oil firm Chief executive has said.

Mele Kyari, chief executive of the Nigerian National Petroleum Corporation (NNPC) said Nigeria has discovered crude oil in commercial quantity in Benue Trough.

Kyari said the strategy was 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 40 billion barrels reserve target.

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He said NNPC’s key aspiration was 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.

“It is my pleasure to appreciate the good work and resilience of our in-house professionals in the ongoing inland basins exploration activities that culminated in the recent discovery of hydrocarbons in Benue Trough.

In October last year, NNPC announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North Eastern part of Nigeria.

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