Nigerian National Petroleum Corporation (NNPC) yesterday, said the volume of crude oil discovered in Benue Trough was in commercial quantity.
It said Nigerian geologists were spearheading efforts in the discovery of the commodity in the trough.
Group Managing Director of NNPC, Mele Kyari, disclosed this in a statement issued in Abuja, yesterday, by an aide, Kennie Obateru.
According to the statement, NNPC would grow the nation’s hydrocarbon reserves to 40 billion barrels through reinvigorated exploratory activities in the inland frontier basins across the country.
“The strategy was to aggressively explore for more oil in the frontier basins in order to grow the nation’s reserve base in line with the Federal Government’s aspiration to hit the 40 billion barrels reserve target. NNPC’s key aspiration was to grow the nation’s hydrocarbon reserves, reduce unit operating cost of crude oil production to $10 per barrel and improve efficiency across its businesses.
It is my pleasure to appreciate the good work and resilience of our in-house professionals in the ongoing inland basins exploration activities that culminated in the recent discovery of hydrocarbons,” Kyari said.
It will be recalled that in October last year, NNPC announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin.