The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has revealed that significant progress has been made in the ongoing exploration of inland basins, saying the target of growing the nation’s reserve to 40billion barrels by 2023 was realistic and achievable.
Kyari made this submission when he received the leadership of the Nigerian Association of Petroleum Explorationist (NAPE) at the NNPC Towers, Abuja on Tuesday.
A statement by the spokesman of the corporation, Ndu Ughamadu, stated that the Corporation was revving up exploration activities in all the frontier basins to achieve the 3 million barrels per day crude oil production target within the shortest possible time.
Mele Kyari stated that his management’s focus on Transparency and Accountability with Performance Excellence (TAPE) was geared towards transforming the NNPC into a global company of distinction, stressing that the Corporation was the window to the Nigerian oil and gas industry.
He said the national oil company would invest more efforts and resources in the search for hydrocarbons in the frontier basins and the ultra-deep water basin in the Niger Delta in order to grow the nation’s reserve base.
The NNPC helmsman assured that the Corporation, with the collaboration of other arms of the Federal Government, would create a favourable fiscal landscape that would encourage inflow of foreign direct investment into the nation’s oil and gas industry.
On the commercial level, he said NNPC would continue to meet its cash-call obligations to its Joint Venture partners on a sustainable basis to enable the international oil companies go back to exploration, maintaining that the move had already made exploration activities to start blossoming.
Mele Kyari called for the support of NAPE to enable the nation attain the 3 million barrels per day and the 40billion reserve aspiration going forward.
Earlier, President of NAPE, Mr. Ajibola Oyebamiji, who was accompanied by the leadership of NAPE said the current management of NNPC’s vision of TAPE was in tandem with the vision of the association.