Fred Itua, Abuja
The Federal Government yesterday, said plans are underway to increase the country’s oil reserve to 40 billion barrels and three million barrels per day.
Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, made the revelations Monday, at a two-day summit on Research and Development activities on Nigeria’s Frontier Basins organised by agencies in the oil and gas sector in collaboration with some state governments.
The NNPC boss, while speaking at the event, said as long as the global demand for oil remains, Nigeria will continue to expand its search for the product. He called on stakeholders to pay attention to areas not yet explored in the search for oil. He listed the Niger Delta, the Anambra platform, Chad Basin and Bida Basin as some of the places.
He said: “Exploration on the frontier basin is very critical. We have a vision to increase our nation’s reserve to 40 billion barrels and to increase the nation’s oil production to three million barrels a day. Its quite ambitious and we can’t achieve this target if we continue to deplete.
The frontier basins became very attractive, after many years of activity without any tangible outcome until very recently when new gateways and opportunities were open to the NNPC in -house team through the discovery of oil in the Kolmani River Basin.
“What that means is that stakeholders should pay more attention to the frontiers, meaning areas not explored, which include the ultra-deep water in the Niger Delta, the Anambra platform, Chad Basin and Bida Basin.
“Some of them are very active, and with the understanding of the geology today, and the belief that oil will continue to be of significance, we should continue to take advantage of the opportunities that are there and NNPC will lead in the campaign. Ultimately, it means the addition of reserves and oil production.”