Astoundingly, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, revealed after more than six decades of production, Nigeria still has over 41 billion barrels of crude oil reserves untapped.
Nigeria discovered crude oil in 1956 at Oloibiri in the present-day Bayelsa State. Production began a year later in 1957, with the country’s first cargo of crude oil export in February 1958.
The GMD added that about 319 trillion standard cubic feet of gas is yet to be discovered in Sub-Saharan Africa. The bulk of the gas could be found in Nigeria, often described by oil industry experts as a gas province with little oil.
The country’s gas reserves are reputed to be ten times as much as oil. The volume of gas so far produced is only in association with oil production.
The NNPC helmsman spoke at a special session on Africa, titled: “Foundations for New Investment” at the 19th CERAWeek Conference in Houston, United States.
He said available information showed the African global crude oil and gas outlook remained positive and on the upward trajectory, with the West African sub-region holding the ace in offshore deepwater exploration hotspots.