Baru welcomes foreign investors to Nigeria’s untapped ultra-deep terrain
… Reveals 41bn barrels of crude oil, 319 cubic ft gas yet untouched
By Chibisi Ohakah, Abuja
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has called on foreign investors to explore the Nigerian ultra-deep terrain which he described as largely untested.
He said that more than 41 billion barrels of crude oil and 319 trillion cubic feet of gas are yet to be discovered in Sub-Saharan Africa.
According to him, the West African the sub-region held the ace in terms of offshore deepwater exploration hotspots, and that a prolific 1.0 billion barrels of crude oil find were recently made at the Owowo field, offshore Nigeria.
In his address titled: “Foundations for New Investment”, during 19th CERA Week Conference in Houston, United States, Baru informed that in Nigeria, 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 expected to be encountered.
He used the Houston event to make a case for the domestication of oil and gas technologies within the African continent. “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,” he said
According to the NNPC boss, African countries must react positively to the new reality by deploying new policies and stabilize their business environment to attract meaningful investments.
He said critical to achieving that for Nigeria was the passage of the four components of the Petroleum Industry Governance Bill (PIGB) which is expected to usher in a new legislation that will not only enhance the investment climate in the country, but also change the fortunes of the nation’s oil and gas business for the better. Baru informed that the NNPC was opening up its business environment to ensure transparency and accountability in its dealing with all stakeholders.