NNPC targets 50bn barrels of hydrocarbon reserves as Buhari flags off oil well in Nasarawa

President Muhammed Buhari on Tuesday flagged off the official commencement of the first exploration and oil drilling activities in Nasarawa State.

Speaking at the flag-off of the spud-in of Ebenyi-A Oil Well at Ajibu in Obi Local Government Area of the state, Buhari said the positive outcomes of the drilling campaigns will lead to greater prosperity for the people.

“This is consistent with the commercial discovery of commercial hydrocarbons in the Kolmani area of Upper Benue Trough.

“I am pleased to note that activities are currently ongoing to develop the Kolmani petroleum discoveries in commercial production to add to the nation’s considerable hydrocarbon assets.

“Today’s occasion marks the official commencement of the exploration drilling in the middle Benue Trough.

“This is consistent with the commercial discovery of hydrocarbons in the Kolamani area of Upper Benue Trough,” Persecondnews quotes Buhari as saying.

The President also noted that the drilling campaign will further strengthen the country’s energy security and also benefit communities in the neighbourhood.

“No doubts, the surrounding communities will particularly benefit from the value that will be created by the exploration and eventual production activities.”

In his speech at the occasion, the Group CEO of Nigerian National Petroleum Company Limited, Mr Mele Kyari, said the industry is working on increasing hydrocarbon reserves from 37 billion barrels to 50 billion barrels.

“The positive outcome of this campaign will contribute to national aspiration of increasing our hydrocarbon reserves from the 37 billion barrels to 50 billion barrels in the short and in the medium term.”

Kyari also hinted that NNPC has plans to boost daily production from 1.7 million barrels per day to three millions barrels per day.

Persecondnews earlier reported that Kyari in January while receiving in audience a delegation of prominent Nasarawa State indigenes led by Gov. Abdullahi Sule at the NNPC Towers in Abuja, disclosed that the official spud-in of first oil well in Nasarawa State will commence in March 2023.