Baru Seeks Investors To Unlock 10 Billion Barrels Deep-Water Resources


LAGOS – The ongoing drive by the Nigerian National Petroleum Corporation (NNPC) to increase Nigeria’s crude oil reserve took a notch higher yesterday with the unveiling of multi-billion dollar investment opportunities in the nation’s deep-offshore frontiers at the 10th World Energy Capital Assembly in London, United Kingdom.

Delivering an address at the panel session entitled: Spotlight on Africa”, Dr. Maikanti Baru , the Group Managing Director of the NNPC Corporation said that “globally Nigeria has the highest untapped deep water resource of about 10 billion barrels of oil equivalent, in addition to other vast opportunities in the oil and gas value chain”.

The NNPC GMD, who was represented at the event by the Group General Manager Corporate Planning & Strategy of the NNPC, Mr Bala Wunti, explained that Nigeria has the largest and one of the most vibrant economies in Africa with lots of potentials, especially in the gas, refining and infrastructure space.

“I invite you all to a country that has massive opportunities, very good business climate and good returns on investment. Our resilience has been tested, we have been through the booms and bursts and we came out stronger. With our experience, geographical location and capacity, Nigeria is the country of now and the future”, the GMD stated.

He further explained that NNPC has a clear strategy for harnessing these potentials through collaboration and building robust partnerships as entrenched in the Corporation’s 12 Business Focus Areas being aggressively driven by the Leadership of the Corporation.