As part of efforts to boost the country’s reserves, the state-owned energy company, Nigerian National Petroleum Corporation (NNPC), has announced that it is ready to explore for crude oil in the Gulf of Guinea, declared NNPC’s Group Managing Director, Maikanti Baru, Ecofin Agency reported. The Corporation will also search for crude in other acreages, as it is important to shore up the NNPC portfolio, informed Punch.
In addition, the Nigerian Petroleum Development Company (NPDC), NNPC’s exploration and production subsidiary, had shown growth in its proven reserves, but emphasized the need to expand the company’s footprints in the upstream sub-sector of the oil and gas industry, according to a statement issued by NNPC,
Furthermore, Baru added: “As part of our 12 business focus areas, we are dedicated to growing the NPDC, thereby increasing our reserves portfolio. We will not relent until the NPDC exceeds its current position of being the seventh largest oil producer in Nigeria. In order to achieve this, NNPC would aggressively explore opportunities in other petroleum acreages in Nigeria, and with particular interest in the Gulf of Guinea.”