The Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru has called on foreign investors to explore Nigeria’s ultra-deep terrain which is largely untested.
Baru made the call in a statement issued by the corporation, in Abuja, on Friday.
He spoke during a special session on Africa, entitled: “Foundations for New Investment”, at the ongoing 19th CERAWeek Conference taking place in Houston, United States.
CERAWeek is an annual international energy conference that brings over 4000 global experts in the oil and gas sector to discuss issues that concern the industry.
According to the GMD, NNPC is currently drilling Kolmani River-II Well in the Benue Trough, one of Nigeria’s several frontier inland basins with about 400 Bcf of gas expected to be encountered.
He also made a case for the domestication of oil and gas technologies within the African continent.
He said: “It is my belief that domesticating these cutting-edge technologies will develop the capacity of our people, improve our economies and emplace our national oil and gas companies on the path of sustainable growth and development.”
He called on African countries to react positively to the new realities, by deploying new policies and stabilise their business environments to attract meaningful investments.
He said the passage of the four components of the Petroleum Industry Governance Bill would not only enhance the investment climate in the country, but also change the fortunes of the nation’s oil and gas industry.
He added that the NNPC was opening up its business environment to ensure transparency and accountability in its dealing with all stakeholders.
On Africa, the GMD said that over 41billion barrels of crude oil and 319 trillion cubic feet of gas were yet to be discovered in Sub-Saharan Africa.
He said: “From available information, the African global crude oil and gas outlook remain positive and on the upward trajectory.
“The West Africa as the Sub-Region held the ace in terms of offshore Deep Water exploration hotspots.”
He informed the conference that a prolific 1.0 billion barrels of crude oil discovery was recently made at the Owowo Field, Offshore Nigeria.