40b barrels oil reserves target achievable – NNPC boss

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has revealed that significant progress has been made in the ongoing exploration of inland basins, adding that the target of growing the nation’s reserve to 40 billion barrels by 2023 was realistic and achievable.

Mallam Kyari sais this when he hosted the leadership of the Nigerian Association of Petroleum Explorationist (NAPE) at his office on Tuesday in Abuja.

According to NNPC’s spokesman, Ndu Ughamadu, in a statement,  the Corporation was revving up exploration activities in all the frontier basins to achieve the 3 million barrels per day crude oil production target within the shortest possible time.

The GMD said the corporations’ management’s is focused on Transparency and Accountability with Performance Excellence (TAPE) which is geared towards transforming the state oil corporation into a global company of distinction, stressing that the Corporation was the window to the Nigerian oil and gas industry.

He said the national oil company would invest more efforts and resources in the search for hydrocarbons in the frontier basins and the ultra-deep water basin in the Niger Delta in order to grow the nation’s reserve base.

The NNPC helmsman assured that the Corporation, with the collaboration of other arms of the Federal Government, would create a favourable fiscal landscape that would encourage inflow of foreign direct investment into the nation’s oil and gas industry.

Mele Kyari called for the support of NAPE to enable the nation attain the 3 million barrels per day and the 40billion reserve aspiration going forward.

In an earlier comment, NAPE President, Mr. Ajibola Oyebamiji, congratulated Mallam Kyari on his well-deserved appointment and assured him of the association’s support in growing the nation’s reserve base.

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