41 BILLION BARRELS OF CRUDE OIL REMAIN UNTAPPED- BARU
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that more than 41billion barrels of crude oil and 319 trillion cubic feet of gas are yet to be discovered in Sub-Saharan Africa.
Baru stated that the African global crude oil and gas outlook remained positive and on the upward trajectory, saying the West Africa as the Sub-Region held the ace in terms of offshore Deep Water exploration hotspots.
The NNPC GMD revealed this during a special session on Africa, tagged: “Foundations for New Investment”, at the ongoing 19th CERAWeek Conference taking place in Houston, United States on Wednesday.
He stated that a productive 1.0Billion barrels of crude oil was discovered at the Owowo field, offshore Nigeria.
He urged foreign investors to consider the Nigerian Ultra-Deep terrain which he recounted as largely unseasoned.
Speaking at the conference, Baru noted that NNPC was currently drilling Kolmani River-II Well in the Benue Trough - one of Nigeria’s several frontier inland Basins with about 400 Bcf of gas likely to be experienced.
The event also gave Baru an opportunity to make a case for the domestication of oil and gas technologies within the African continent.
He said: “It is my belief that domesticating these cutting-edge technologies will develop the capacity of our people, improve our economies and emplace our national oil and gas companies on the path of sustainable growth and development.”
According to him, African countries must react positively to the new reality by establishing new policies and stabilize their business environment to engage in significant investments.
Baru told delegates at the conference that NNPC was opening up its business environment to ensure transparency and accountability in its dealing with all stakeholders.
He also commended the Federal Government for its peace stategies in the Niger Delta communities which he said had seen the country hitting very high oil and gas production figures in recent year.