FG targets 50bn Barrels Oil Reserves as Buhari flags off Oil Drilling in Nasarawa

29 Mar FG targets 50bn Barrels Oil Reserves as Buhari flags off Oil Drilling in Nasarawa

President Muhammadu Buhari on Tuesday flagged off  oil drilling campaign in Nasarawa State, which has the potential to contribute to national aspiration of increasing oil reserves from 37 billion barrels to 50 billion barrels in the short-to-medium term.

In his virtual message to the official spud-in of the Ebenyi-A Well located in the Middle Benue Trough, in Obi Local Government of Nasarawa State, the President said the surrounding communities would particularly benefit from the value created by the exploration and eventual production activities.

The President directed NNPC Limited and its partners to take due care of the environmental consequences of these oil exploration activities and to mitigate the negative effects.

He thanked the Government and people of Nasarawa State- the host community- for their unfettered support and collaboration towards the success of this exploration campaign.

The President recalled that the official commencement of drilling activities in the Middle Benue Trough is in line with ongoing campaigns for the exploration of crude oil and gas in the Nation’s Frontier Basins.

He listed the Chad Basin, Dahomey Basin, Anambra Platform, the Calabar Embankment, Sokoto Basin, Bida Basin, Benue Trough as well as the Ultra-Deepwater Niger Delta as areas where NNPC is extending its crude oil exploration.

‘‘This is consistent with the commercial discoveries of hydrocarbons in the Kolmani Area of the Upper Benue Trough. I am pleased to note that activities are currently ongoing to develop the Kolmani petroleum discoveries to commercial production to add to the nation’s considerable hydro-carbon assets.

‘‘I am encouraged by the enormous work done by NNPC Limited to exploit the prospects in the Middle Benue Trough, leading to the event of today.

‘‘I congratulate NNPC Limited, the Nigerian Upstream Petroleum Regulatory Commission and other partners for their immense contributions towards making this day and this event possible,’’ he said.

Speaking at the event, Mele Kyari, group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, said exploration in the Benue Trough commenced in 2010.

Kyari said the positive outcome of the exploration and production activities “will contribute to national aspiration of increasing our hydrocarbon reserves from 37 billion barrels to 50 billion barrels in the short-to-medium term”.

He added that it will also increase crude oil production to the target of 3 million barrels per day.