A Review of the Nigerian Energy Industry

Baru seeks investors to unlock 10bb deep-water resources

*Nigeria’s deepwater acreage.

OpeOluwani Akintayo

07 November 2018, Sweetcrude, Lagos — Ongoing drive by the Nigerian National Petroleum Corporation, NNPC to increase Nigeria’s crude oil reserve was taken a notch higher yesterday with the unveiling of multi-billion dollar investment opportunities in the nation’s deep-offshore frontiers.

Group Managing Director of the NNPC Corporation, Dr. Maikanti Baru at a function in London on Wednesday, said globally Nigeria has the highest untapped deepwater resource of about 10 billion barrels of oil equivalent, in addition to other vast opportunities in the oil and gas value chain, calling on investors to latch on the opportunity.

Baru explained that Nigeria has the largest and one of the most vibrant economies in Africa with lots of potentials, especially in the gas, refining and infrastructure space.

“I invite you all to a country that has massive opportunities, very good business climate and good returns on investment. Our resilience has been tested, we have been through the booms and bursts and we came out stronger. With our experience, geographical location and capacity, Nigeria is the country of now and the future”, the GMD stated.

He further explained that NNPC has a clear strategy for harnessing these potentials through collaboration and building robust partnerships as entrenched in the Corporation’s 12 Business Focus Areas being aggressively driven by the leadership of the Corporation.

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