“We are taking steps to re-strategize and get into those regions. We will re-invigorate the frontier exploration and see how they collaborate with NNPC that is holding Block A09 where some of the finds have been made.”
Browsing: Dr. Maikanti Baru
Many industry watchers acknowledged to our correspondent that in the face of collapsed oil prices and continuing uncertainty in the global crude market, and giving the country’s singular reliance on oil for economic survival, the government needs to engage the militant groups if there is to be any hope of peace in the region, which will allow for the exploitation of crude resources.
“The 2016 budget plan was based on 2.2 million barrels per day (bpd) of crude oil production. However, the budget plan is now grossly impacted due to renewed militancy with about 700,000bpd of oil production curtailed due to pipeline vandalism.”
The NNPC also said pipeline vandalism in the region has led to the curtailment of about 700,000 barrels of crude oil per day.