Nigeria’s oil reserve now 37 billion barrels

Monday, 26 December 2016 16:29

Nigeria’s oil reserve now 37 billion barrels – NNPC

font size decrease font size increase font size
Print
Email

Rate this item

(0 votes)

Nigerian National Petroleum Corporation, NNPC, said on Sunday that the West Africa country’s crude reserve was now 37 billion barrels.

The firm also vowed to continue to find sustainable solution to the challenge posed by insurgency in the oil producing Niger Delta region.

NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said these in a statement issued in Abuja.

“The Corporation has created security management platforms that would enable it identify and evaluate risks, develop and superintend implementation of investigations.

“The platform will also aggregate and deploy necessary resources to guarantee peaceful business environment in the region,” Mr. Ughamadu said.

Quoting the NNPC Group Managing Director, Maikanti Baru, who addressed staff during an end of year message, the spokesperson said the corporation was committed to implementing a robust security.

“The Corporation is committed to implementing a robust security and stakeholders’ strategy that would ensure that peace reigned in the industry operational areas.

‘“Dr Baru attributes the recent increase in the country’s oil and gas reserves to 37 billion barrels and 192 trillion cubic feet, respectively, to the relative peace that was instituted in the Niger Delta.

“Over the year, NNPC adopted strategies to ensure the Corporation’s operational profitability, renegotiation of all existing contracts to achieve substantial value realisation of between five and 30 per cent discounts.

“This singular effort alone translated to substantial cost savings in favour of NNPC,” Mr. Ughamadu said.

He said NNPC had commenced the implementation of a 12-key Business Focus Areas developed by its Management Team to enhance the corporation’s business performance.

In addition, he stated that a team had put in place structures that would enable smooth implementation of new business models for its Strategic Business Units and companies nationwide.

Mr. Ughamadu lauded President Muhammadu Buhari and Ibe Kachikwu for providing enormous support to reposition NNPC.