Nigeria’s state oil company pledges growing reserves, revenue, flags off marine oil search with partners

The Nigerian National Petroleum Corporation (NNPC) has declared its commitment to growing the nation’s crude oil reserves and increasing daily national production with a view to boosting the nation’s revenue generation.

Maikanti Kacalla Baru, group managing director of the NNPC, stated this during the flag-off ceremonies of the NNPC/First E&P Oil Mining Leases (OMLs) 83/85 partnership for marine seismic data acquisition vessel in Lagos, at the weekend.

Baru, who performed the flag-off ceremony aboard Marine Vessel BGP Prospector offshore Lagos, said the project would boost NNPC’s drive towards enhancing the nation’s abundant hydrocarbon deposits.

The development, according to Baru reinforces the Federal Government’s commitment to further harness Nigeria’s numerous resources to enhance income streams and ultimately boost the nation’s economic prosperity.

“Without doubt, this development resonates perfectly with NNPC’s commitment to growing the nation’s reserves and increase production, as enshrined in our corporate vision of 12 Business Focus Areas (12 BUFA),” he noted.

Baru, who gave the assurance of NNPC management’s “unflinching support” for the project, charged the partners to ensure its completion on schedule and in a cost-effective manner while urging strict adherence to Health, Safety & Environment (HSE) standards.

Speaking at the occasion, Ademola Adeyemi-Bero, managing director of First E&P, said the aim of the project was not only to grow the nation’s reserves, but also to develop the capacity of Nigerians.

He commended the NNPC chief for making time to perform the flag-off rites, stressing that his company would work hand-in-hand with all the partners to enable them complete the project ahead of schedule.

In his remarks, Bank-Anthony Okoroafor, chairman of Petroleum Technology Association of Nigeria (PETAN), reiterated that the project would boost in-country capacity.

“The project is also expected to align with the Federal Government’s effort to drive down the cost of marine seismic acquisition in the country,” Okoroafor added.

The NNPC/First E&P OMLs 83/85 partnership for marine seismic data acquisition would be executed by a joint venture (JV) between NNPC’s Integrated Data Services Ltd (IDSL) and Bureau of Geophysical Prospecting (BGP), a subsidiary of Chinese National Petroleum Corporation (CNPC).

Shedding more light on the project, Managing Director of IDSL, Engr. Diepiriye Tariah said the IDSL/BGP JV would acquire 3D marine seismic data using streamer cables, covering a total of 901sq. km.

He added that the marine vessel (BGP Prospector) is well-suited for broadband seismic data acquisition with the capacity to tow ten or more streamers of 6km length, and is fitted with adequate safety equipment and hearing sensors.

The partners have been given a 74-day time schedule to deliver on the project.