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Business & Finance

NNPC to increase oil, gas reserves

Crude Oil
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The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has pledged to improve reserves and production capacity of the Nigerian Petroleum Development Company.
Dr. Baru made the pledge in a statement by Mr. Ndu Ughamadu, NNPC Group Managing Director, Group Public Affairs Division, in Abuja on Thursday.

Baru described NPDC, which is the corporation’s exploration and production subsidiary, as showing a conspicuously excellent growth in its proven reserves.

He told Governor Godwin Obaseki during a courtesy visit in Benin, that he would expand NPDC footprints within the nation’s upstream sub-sector of the nation’s oil and gas industry.

He said, “As part of our 12 Business Focus Areas, we are dedicated to growing NPDC, thereby increasing our reserves portfolio.

“We will not relent until NPDC exceeds its current position of being the 7th largest oil producer in Nigeria.

“To achieve this, the NNPC would aggressively explore opportunities in other petroleum acreages in Nigeria and with particular interest in the Gulf of Guinea.”

According to him, NNPC is working hard to improve the portfolio of services rendered to the oil industry by its second Edo-based upstream outfit – the Integrated Data Services Company (IDSL).

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“The long term objective is for IDSL to be on its own so as to actualise its vision of becoming the ultimate centre for the provision of geophysical and petroleum engineering services in the industry,” he said.

He lauded the state for remaining “relatively peaceful’’ with least incidents of pipeline vandalism and sabotage, compared to other areas in the Niger Delta.

He assured Obaseki that the corporation would redouble its community engagement by championing more corporate social responsibility efforts within host communities in Edo.

Gov. Obaseki, who described NNPC as “very important to Edo State‘s economy”, also pledged to make the stste a hub for the corporation.

He said the government was working hard to improve on its local security plans by encouraging community policing and intelligence gathering to safeguard oil and gas facilities in the state.

Baru also paid homage to the Oba of Benin, Oba Ewuare, where he sought for the monarch’s support in the area of sensitising host communities to the advantages of protecting the nation’s oil and gas assets.

(NAN)


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