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HomeTop NewsNNPC Says Aim At 40 Bln Barrel Oil Reserves By 2023

NNPC Says Aim At 40 Bln Barrel Oil Reserves By 2023

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Nigeria state-run oil firm the Nigerian National Petroleum Corporation (NNPC) said significant progress had been made in the ongoing exploration of inland basins and that the target of growing the nation’s reserve to 40 billion barrels by 2023 was realistic and achievable.

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The Group Managing Director of the corporation, Mele Kyari the corporation was revving up exploration activities in all the frontier basins to achieve the three million barrels per day crude oil production target within the shortest possible time. 

“We promise that we are going to be transparent and accountable to all our stakeholders. We will drive this company to become a company of global excellence through excellent performance. This is very possible and there are strong indications that this is achievable,” Kyari said.
He stated that the corporation would galvanise its partners in the direction of attaining national goals and aspirations for the economic wellbeing of the nation and its citizens.
Kyari assured his guests that the corporation, with the collaboration of other arms of the Federal Government, would create a favourable fiscal landscape that would encourage inflow of foreign direct investment into the nation’s oil and gas industry.
On the commercial level, he said NNPC would continue to meet its cash-call obligations to its joint venture partners on a sustainable basis to enable the international oil companies go back to exploration.
He called for the support of NAPE to enable the nation attain the three million barrels per day and the 40 billion reserve aspiration going forward.
A statement issued by the Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, stated that the national oil company would invest more efforts and resources in the search for hydrocarbons in the frontier basins and the ultra-deep water basin in the Niger Delta in order to grow the nation’s reserve base.

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