NNPC targets huge investments in Nigeria’s oil sector to boost economy, create jobs

The Nigerian National Petroleum Corporation (NNPC), in a move to revamp Nigeria’s ailing economy, is targeting massive investments in the nation’s oil and gas Industry aimed at boosting the country’s revenue and creating jobs for the citizenry.

Maikanti Baru, group managing director of the corporation disclosed at a regional technology sharing workshop on hydrocarbon potentials of the Sokoto basin held in Sokoto, .

“Upon successful discovery of oil in the nation’s inland basins, we will be able to attract huge oil and gas investments which will not only improve the nation’s revenue streams but also create more business and employment opportunities for Nigerians,” Baru who was represented on the occasion by Aliyu Ja’afaru, the NNPC Kaduna zonal manager, stated.

Baru said the inland basins exploration was also in line with the goal of fulfilling the presidential mandate of increasing Nigeria’s oil and gas reserves.

He solicited the support of all stakeholders – governments, security agencies, universities, traditional institutions, as well as the various host communities – for the actualization of the lofty ideals of the mandate.

The NNPC boss who called on local and international investors to acquire oil blocks in the Sokoto Basin, also assured participants at the workshop of the corporation’s readiness to work with the recommendations of the regional forum to fine tune the corporation’s exploration programmes for the Basin.

He said with the renewed desire of the Federal Government to increase the nation’s reserve base and production, NNPC’s Frontier Exploration Services (FES) Division, was reinvigorated to champion the exploration activities in the inland basins, using the most sophisticated techniques and knowledge from exploration successes in Chad, Sudan, Niger and other similar inland basins.

Baru stated that the purchase of aeromagnetic data from the Nigerian Geological Survey Agency (NGSA) which has since been interpreted to determine the sediment thickness and basin configuration is part of the significant progress on the Sokoto Basin.

“The Basin has been confirmed to attain a depth of over 2000m considered adequate for hydrocarbon generation in some places,” he observed.

He further stated that geological mapping was ongoing by catchment universities, among which are: Usmanu Danfodio University (UDUS) and Ibrahim Badamasi Babangida University, Lapai (IBBUL), even as Integrated Data Services Limited (IDSL-NNPC) and its partner, Pioneer-Alfa Petroleum Services (PPS) are mobilizing to carry out surface geochemistry sampling; gas-micro-seepage analysis, acquire ground gravity and magnetics data in the area.

“The integration and interpretation of the various datasets will help us acquire high resolution regional 2D seismic data and 3D seismic data acquisition over any identified leads and prospects in preparation for drilling exploration and appraisal wells when all the above are successful,” he informed.

In his address at the event, Aminu Tambuwal, Sokoto state governor, noted that available data on the Sokoto basin suggested possible presence of some hydrocarbon resources in the region, saying despite this, there is the need to engage experts to come up with credible data capable of attracting investments into the basin.

Tambuwal said it was imperative to explore inland basins in the Country to add to Nigeria reserves, saying he was optimistic hydrocarbon resources would be found in the Sokoto Basin.

Abubakar Atiku Bagudu, Kebbi state governor, said NNPC deserved all the supports every Nigerian could give it to enhance the corporation’s status as an integrated energy company that would be a pride to the nation.

Bagudu expressed appreciation to NNPC over the partnership existing between his state and the corporation towards the development of bio-fuel.