(Ecofin Agency) - The Nigerian National Petroleum Corporation (NNPC) has announced the commencement of exploration activities in the Gongola Basin as part of drives to further boost the nation’s oil resource base.
“Aside increasing the nation’s oil and gas reserves to 37 billion barrels of oil and 192 trillion cubic feet of gas respectively, the Corporation has also commenced exploratory activities in the Gongola Basin with the aim of further growing oil and gas reserves and taking advantage of low oil prices which make inland exploration cost effective,” Maikanti Baru, the group managing director of NNPC disclosed.
According to Baru, NNPC now runs as a focused, accountable, competitive and transparent organization conducting its business with Integrity.
Let’s be reminded that the Group Managing Director in December announced that the country’s oil and gas reserves which had fallen at the height of militant attacks on infrastructures has increased to 37 billion barrels.
Baru said the relative calmness in Niger Delta had contributed to the increase in reserves to 192 tcf.
He added that as part of efforts to find a lasting solution to the problem of pipeline vandalism and security challenges faced by the oil and gas industry, the NNPC had outlined plans to establish a security advisory council.
The planned security advisory council will involve critical stakeholders including security agencies, Niger Delta leaders and international oil companies, and would address all security and host community agitations, Leadership news reports.