NNPC continues to make giant strides in inland exploration -GMD
“In NNPC, we’ve continued to make giant strides in inland rift basin exploration. Our sustained quest is informed by the matured G&G evaluations & the practical discoveries of commercial quantities of hydrocarbons in neighbouring Niger, Chad & CAR.”
This statement was given by the GMD, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari at the 56th Annual International Conference of the Nigerian Mining & Geosciences Society (NMGS) where he was conferred with the Fellowship of the Society, at the University of Ibadan, earlier today.
The GMD further reiterated that “the global oil industry has continued to experience great shifts owing to the advancement of technology, economics & social dynamics. From the discovery of fire to the industrial revolution, the human quest for energy resources to support survival, prosperity & lifestyle has continued to grow.
In recent times, tech advancement has encouraged the oil industry to venture into uncommon frontiers, search for hydrocarbons, build global reserves & guarantee needed energy security to support the human quest for sustained prosperity in the 21st century.
In Nigeria, we’ve seen great waves of transition to deep offshore exploration over the last twenty-five (25) years, with IOCs dominating the frontiers due to access to technology, unrivalled expertise and finance.
The transition to deep offshore has also come as a necessity as IOC’s seek to minimize operational risks associated with insecurity and community issues around onshore blocks.”
Building from a decade of seismic data acquisition, evaluation & consolidation in the rift basins, especially the Chad, Gongola Basins & the Benue trough, a re-entry was considered in 2009 but later suspended in 2014 due to insurgency in the N/East.
In this regard, the GMD assured that President Muhammadu Buhari administration had made a renewed commitment to grow National Oil Reserve to 40bbl, #NNPC was in 2016 mandated to conduct more rigorous exploration in #Nigeria‘s inland basins using improved technology adopted in countries that successfully discovered h/carbons in the Rift Basin.
“#NNPC has over the last four years expanded inland basins exploration activities covering Gongola, Benue, Bida and Sokoto Basins, while data review is being undertaken in preparation for exploration activities in Anambra platform and the Dahomey Basins
We are seeing more hope as we make progress especially with the recent discovery of commercial quantities of hydrocarbon in the Kolmani area of the Middle Benue Trough.
As a transition to cleaner energy garners momentum, it is also expedient for oil-rich Nations like #Nigeria to produce proven oil and gas reserves resource to support growth, economic diversification and job creation to millions of young people.”
By statistics, he confirmed that global energy consumption was expected to grow from 2018 levels by about 50% by 2050, which means that oil will continue to be a crucial component of the world’s future energy and is likely to account for about 44% of World Energy Supply by 2050, compared to 53% today.
“While we expand exploration to enable reserve growth & ultimately produce more oil/gas to support growth, it is import to be cost-sensitive as COVID-19 pandemic has subdued any survival strategy that is not cost-sensitive. Efficiency has therefore become the new necessity.
We are working with our partners in the Nigerian Oil & Gas Industry space to pull down production cost to $10 per barrel, and that cannot be achieved without the total support of geoscientists and other professionals.
Under the informed leadership of President @MBuhari, the FG is committed to the National Gas Expansion Programme. This is designed to deepen domestic penetration of natural gas to support power sufficiency, industrialization and job creation.”
To achieve this vision, the GMD further appraised efforts of the #NNPC in expanding the Nation’s gas pipeline infrastructure with the completion of the second Escravos-Lagos Pipeline (ELP-II), the Obiafu-Obriko-Oben (OB3) gas pipeline and the ongoing extension of the Ajaokuta gas pipeline to Abuja, Kaduna and Kano.
Suzan O
