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NNPC resolves to increase nations Oil Reserves

The Nigerian National Petroleum Corporation has reaffirmed it’s resolve towards increasing the nation’s Oil Reserves to 40 billion barrels of crude oil and production to 3 million barrels per day by the year 2025.

The Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Kacalla Baru dropped this hint at the Presidential Flag-Off for the commencement of drilling at the the Spud-in of Kolmani River_II Well Gongola Basin, Upper Benue Trough in Alkaleri Local Government Area of Bauchi State.

Dr. Maikanti Baru explained that the project is part of NNPC’s efforts to achieve it’s target with the attendant benefits to the Nigerian economy.

He recalled that the spud-in of Kolmani River-II Well had commenced in the 1990s when oil exploration in Gongola Basin Upper Benue Trough by the International Oil Companies led to the finding of 146ft of hydrocarbon sand in Kolmani River-II Well prospect estimated to contain about 33BCF of gas.

According to him, the Kolmani River-II Well will be drilled by Ikenga Rig 101 of a reputable Oil Services Consortium, Messrs Etihad Oilfield Services/Drillog Petrodynamics limited under a Turkey Contract Agreement.

The NNPC Boss said sequel to President Muhammadu Buhari’s directive on reserves, the Nigerian National Petroleum Corporation had prioritized exploration efforts in the frontier basins in an effort to increase the National oil and gas reserves base and production.

Dr. Maikanti Baru noted that the corporation has constructed a 14.2km access road to the drilling area and a total of 27 potable water boreholes, were established for the benefit of the host communities of the project as part of it’s Corporate Social Responsibility.

The NNPC Group Managing Director however said the Corporate Social Responsibility of the corporation is hinged on improving public Health centers, supporting education and developing economies in all it’s areas of operation.

Speaking while flagging off the project, President Muhammadu Buhari directed NNPC to extend its oil exploration to all the basins in the country for Job creation and economic development.

The President also said his administration will not relent in revitalizing the oil sector in order to strengthen the nation’s economy.

President Buhari stated that oil and gas sector remained critical in the implementation of the nation’s budget, hence the need for concerted efforts to expand the sector.

Source: Voice of Nigeria