40bn Barrels Of Oil Reserves Achievable By 2023, NNPC Assures
The Nigerian National Petroleum Corporation on Tuesday assured that the target of expanding Nigeria’s reserve to 40 billion barrels by 2023 was realistic and achievable.
NNPC Group Managing Director, Mele Kyari, who gave the assurance when he received the leadership of the Nigerian Association of Petroleum Explorationist (NAPE) at the NNPC towers in Abuja, noted that significant progress had been made in the ongoing exploration of inland basins.
He explained that NNPC was revving up exploration activities in all the frontier basins to achieve the 3 million barrels per day crude oil production target, within the shortest possible time.
According to him, the national oil company would invest more efforts and resources in the search for hydrocarbons in the frontier basins and the ultra-deepwater basin in the Niger Delta in order to grow the nation’s reserve base.
In addition, Kyari said that the Corporation would galvanize its partners in the direction of attaining national goals and aspirations for the economic well-being of the nation and its citizens.
He assured that NNPC, in collaboration with other agencies of Government, would create a favourable fiscal landscape that would encourage the inflow of foreign direct investment into the nation’s oil and gas industry.
On its commercial activities, the GMD 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 maintained that the move had already made exploration activities to start blossoming.
Kyari, however, called for the support of NAPE to enable the nation to attain the 3 million barrels per day and the 40billion reserve aspiration, going forward.