The Nigerian National Petroleum Corporation (NNPC) confirmed on Thursday that the recently discovered oil in the Benue Trough was in commercial quantity.
The Group Managing Director of the NNPC, Mele Kyari, who disclosed this in a statement issued by the corporation’s spokesman, Kennie Obateru, said geologists were at the forefront of current exploration endeavours in the country.
He said: “It is my pleasure to appreciate the good work and resilience of our in-house professionals in the ongoing inland basins exploration activities that culminated in the recent discovery of hydrocarbons in Benue Trough.
NNPC had in October last year announced the discovery of the oil in Kolmani River II Well on the Upper Benue Trough.
The corporation has been unrelenting in its efforts to scale up the country’s hydrocarbon reserves to 40 billion barrels through renewed exploration activities in the inland frontier basins across Nigeria.
Kyari said the idea is to adopt a concerted approach in prospecting for crude in such areas in the hope of expanding national reserve in accordance with government’s ambition to attain the 40 billion barrels goal.
According to him, NNPC has its eyes set on paring the unit operating cost of oil production down to $10 a barrel and streamline its processes across operations.
“It is instructive to understand that the current market reality cannot support inefficiency and escalated costs of operations. The era of $30/bbl oil no longer exists.
“In today’s COVID-19 defined market, sustaining operations and making progress means that all stakeholders must recognise the need to improve efficiency, reduce costs, eliminate wastages and entrench accountability.
“They must act with transparency and embrace technology and innovation to drive performance and value realisation across strategic investment portfolios,” he added.