The group managing director (GMD) of Nigeria National Petroleum Corporation (NNPC), Malam Mele Kolo Kyari, has said there are signs of hope as the Buhari administration intensifies its search for oil reserve in the Northern part of the country.
Kyari who attributed the renewed commitment, to the order if President Mohammadu Buhari, said he is confident that the search efforts would eventually payoff, especially with the recent discovery of the commodity in commercial quantity in neighbouring countries such as Niger, Child, and Central Africa Republic (CAR).
Kyari who stated this while delivering a keynote address at the ongoing 56th Annual International Conference of the Nigerian Mining & Geosciences Society (NMGS), added that global demand for energy is expected to grow by 50 per cent from the 2018 consumption level by 2050.
Speaking on the sub-theme; “Expanding the frontiers of Exploration, Creating new opportunities for growth,” Kyari said “In NNPC, we’ve continued to make giant strides in inland rift basin exploration. Our sustained quest is informed by the matured G&G evaluations & the practical discoveries of commercial quantities of hydrocarbons in neighbouring Niger, Chad & CAR.”
“Building from our decades of seismic data acquisition, evaluation & consolidation in the rift basins, especially the Chad, Gongola Basins & the Benue trough, a re-entry was considered in 2009 but later suspended in 2014 due insurgency in the N/East.
“NNPC has over the last four years expanded inland basins exploration activities covering Gongola, Benue, Bida and Sokoto Basins, while data review is being undertaken in preparation for exploration activities in Anambra platform and the Dahomey Basins.
“We are seeing more hope as we make progress especially with the recent discovery of commercial quantities of hydrocarbon in Kolmani area of the Middle Benue Trough,” he said.
On why he is confident on continued exploration for crude oil while the global community is transmitting to greener energy, he said, “Global energy consumption is expected to grow from 2018 levels by about 50% by 2050. This means that oil will continue to be a crucial component of the world’s future energy and is likely to account for about 44% of World Energy Supply by 2050, compared to 53% today.”