Nigeria’s NNPC projects crude oil reserves to hit 40 billion barrels by 2023

NIGERIA – The Nigerian National Petroleum Corporation (NNPC), projects that the country’s crude oil reserves will reach 40 million barrels by 2023.

According to Mele Kyari, the Managing Director of NNC the significant progress being made in the ongoing exploration of inland basins shows that the 40 million barrels target is both realistic and achievable.

The company is also working to improve operations in its existing oil exploration stations to increase productivity.

In a press statement Ndu Ughamadu one of the Group’s General Managers said that 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.

The company has also been extensively investing in the search for hydrocarbons in frontier basins and the ultra-deep water basin in the Niger Delta in order to grow the nation’s reserve base.

Mr. Kyari said that NNPC was also committed to improve its operations to match global standards.

“We promise that we are going to be transparent and accountable to all our stakeholders,” said Mr. Kyari.

“We will drive this company to become a company of global excellence through excellent performance.”

He further added that the corporation was going to mobilise its partners to work towards attaining national goals and aspirations for the economic wellbeing of the nation and its citizens.

Kyari also revealed that the corporation was working with other arms of government to create a favourable environment that will attract foreign direct investment into the nation’s oil and gas industry.

NNPC has also restated its commitment towards meeting its cash-call obligations to its joint venture partners on a sustainable basis.

This is to enable international oil companies have enough working capital to support their exploration activities.

Mr. Kyari also acknowledged the important role that the National Association of Petroleum Explorationists (NAPE) plays in the country’s oil and gas industry.

He then 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.

NAPE through its president, Ajibola Oyebamiji, assured Kyari of the association’s support in growing the nation’s reserve base.

The corporation recently effected changes in the management of its flagship upstream subsidiary by redeploying 12 of its senior management staff.

In a statement to stakeholders, the corporation’s Upstream Chief Operating Officer, Rowland Ewubare, said that the re-organisation was aimed at repositioning the company to meet its production and reserve targets.

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