NNPCL to boost oil reserves to 50 billion barrels

The ongoing oil exploration in Nigeria’s frontier basins is to grow the country’s crude oil reserves from 37 billion barrels to 50 billion barrels, the Nigerian National Petroleum Company Limited, announced on Tuesday.

NNPC also commenced the official spud-in (drilling) for crude in the Ebenyi-A Well in Obi Local Government Area of Nasarawa State on Tuesday, and stated that the well would support in hitting the 50 billion barrels oil reserves target.

This is coming four months after NNPC flagged off oil production in the Kolmani oil well, located between Bauchi and Gombe states, in November 2022.

The Group Chief Executive Officer, NNPC Ltd, Mele Kyari, told the audience at the Ebenyi-A Well site on Tuesday that the oil firm had moved a drilling rig to the location, and was optimistic of boosting Nigeria’s daily oil output to about three million barrels.

He also stated that mobilisation for re-entry into the Chad Basin had commenced, as directed by the President, Major General Muhammadu Buhari (retd.), adding that the oil company was making progress in other activities in the frontier basins.

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