NNPC Targets Huge Investments in Nigeria’s Oil & Gas Industry

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…As Search for Oil Continues in Sokoto, Other Basins

….Only National Assembly Can Appropriate on General SubsidyThe Nigerian National Petroleum Corporation (NNPC) is eyeing massive investments in the nation’s Oil and Gas Industry with a view to improving the nation’s revenue and creating jobs for the citizenry.

 

Group Managing Director of the Corporation, Dr. Maikanti Baru, who was ably represented at the workshop on hydrocarbon potentials of the Sokoto Basin, held in Sokoto, Wednesday by NNPC Kaduna Zonal Manager, Alh. Aliyu Ja’afaru, disclosed this while speaking at a regional technology sharing.

 

“Upon successful discovery of oil in the nation’s inland basins, we will be able to attract huge oil and gas investments which will not only improve the nation’s revenue streams but also create more business and employment opportunities for Nigerians,” Dr Baru stated.

 

Dr. Baru said the inland basins exploration was also in line with the goal of fulfilling the presidential mandate of increasing Nigeria’s Oil and Gas reserves.

 

He solicited the support of all Stakeholders (governments, security agencies, universities, traditional institutions, as well as the various host communities) for the actualization of the lofty ideals of the mandate.

 

Dr. Baru, who called on local and international investors to acquire oil blocks in the Sokoto Basin, also assured participants at the workshop of NNPC’s readiness to work with the recommendations of the regional forum to fine tune the corporation’s exploration programmes for the Basin.

He said with the renewed desire of the Federal Government to increase the nation’s reserve base and production, NNPC’s Frontier Exploration Services (FES) Division, was reinvigorated to champion the exploration activities in the Inland Basins, using the most sophisticated techniques and knowledge from exploration successes in Chad, Sudan, Niger and other similar Inland Basins.

 

The GMD stated that the purchase of aeromagnetic data from the Nigerian Geological Survey Agency (NGSA) which has since been interpreted to determine the sediment thickness and basin configuration is part of the significant progress on the Sokoto Basin.

 

“The Basin has been confirmed to attain a depth of over 2000m considered adequate for hydrocarbon generation in some places,” he observed.

 

He further stated that geological mapping was ongoing by catchment universities, among which are: Usmanu Danfodio University (UDUS) and Ibrahim Badamasi Babangida University, Lapai (IBBUL), even as Integrated Data Services Limited (IDSL-NNPC) and its partner, Pioneer-Alfa Petroleum Services (PPS) are mobilizing to carry out surface geochemistry sampling; gas-micro-seepage analysis, acquire ground gravity and magnetics data in the area.

 

“The integration and interpretation of the various datasets will help us acquire high resolution regional 2D seismic data and 3D seismic data acquisition over any identified leads and prospects in preparation for drilling exploration and appraisal wells when all the above are successful,” he informed.

 

In his address at the event, Sokoto State Governor, Rt. Hon. Aminu Tambuwal, noted that available data on the Sokoto basin suggested possible presence of some Hydrocarbon resources in the region, saying despite this, there is the need to engaged experts to come up with credible data capable of attracting investments into the basin.

Hon. Tambuwal said it was imperative to explore inland basins in the Country to add to Nigeria reserves, saying he was optimistic hydrocarbon resources would be found in the Sokoto Basin.

 

His Kebbi State counterpart, Alh. Abubakar Atiku Bagudu, said NNPC deserved all the supports every Nigerian could give it to enhance the corporation’s status as an integrated energy company that would be a pride to the nation.

 

Bagudu expressed appreciation to NNPC over the partnership existing between his state and the corporation towards development of bio-fuel.

 

In the same the Nigerian National Petroleum Corporation (NNPC) has clarified a statement wrongly attributed to the Managing Director of Petroleum Products Marketing Company (PPMC), Mr. Umar Ajiya, suggesting that NNPC does not require the National Assembly’s nod to subsidize Premium Motor Spirit, otherwise called petrol.

 

For the avoidance of doubt, Mr. Ajiya who was a guest at the Channels Television programme, Sunrise, today, explained that there was under-recovery in the importation and sale of PMS by NNPC, but the burden is categorized as business losses which the Act establishing NNPC recognizes.

 

Mr. Ajiya had made it explicitly clear that the losses from the PMS imports by NNPC could not be classified as subsidy since it was not appropriated for by the National Assembly.

 

NNPC wishes to disabuse the minds of its numerous publics to disregard the statement incorrectly attributed to Mr. Ajiya as it represents neither PPMC nor the NNPC’s position on the subject.

 

The corporation is alive to the critical roles the National Assembly statutorily plays in the administration of the Nigerian Oil and Gas Sector and would, therefore, not undermine the legislators in their legitimate business.


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