The Federal Government has taken the chase of foreign investors for 10 billion barrels deep-water oil resources in Nigeria to London, United Kingdom.
Nigerian National Petroleum Corporation (NNPC), which declared this yesterday, maintained that the move, which was to increase Nigeria’s crude oil reserves climaxed with the unveiling of multi-billion dollar investment opportunities in the nation’s deep-offshore frontiers at the 10th World Energy Capital Assembly in London, United Kingdom.
This came as the Pipelines and Products Company (PPMC) declared that its trading surplus between January and November, 2018 had hit N32 billion.
Delivering an address at a panel session entitled: Spotlight on Africa”, Group Managing Director of the NNPC Corporation, Dr. Maikanti Baru, said that “globally Nigeria has the highest untapped deep water resource of about 10 billion barrels of oil equivalent, in addition to other vast opportunities in the oil and gas value chain.”
The NNPC GMD who was represented at the event by the Group General Manager Corporate Planning & Strategy of the NNPC, Mr. Bala Wunti, 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.
The World Energy Capital Assembly, is a leading gathering of energy executives, finance and investment professionals to discuss emerging and re-emerging energy investment opportunities, review deals done and chart an outlook of energy related activities across the globe.
Other participants at the 10-year Anniversary of the event include Lord John Browne, the Baron Browne of Madingley and CEO of British Petroleum from 1995 to 2007; the Global Chief Economist of British Petroleum, Mr. Spencer Dale; the Senior Vice President of Abu Dhabi National Oil Company, Mr. Abdul Nasser Al Mughairbi; as well as the Senior Vice President and Chief Economist of Equinor, Mr. Eirik Wærness, among others.
Meanwhile, one of the downstream subsidiaries of the Nigerian National Petroleum Corporation, the Petroleum Products Marketing Company limited (PPMC) has returned to profitability and has recorded N32bn profit between January to November, 2018.
The PPMC boss also stated that as part of the zero-scarcity strategy, the company has over 170 million litres of PMS in stock at some NNPC Depots across the country following their successful rehabilitation along with connecting pipelines to forestall dependence on private sector depots.