The Group Managing Director (GMD)of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has stated that more than 41billion barrels of crude oil and 319trillion cubic feet (c/f) of gas are yet to be discovered in Sub-Saharan Africa.
Dr. Baru made this disclosure during a special session on Africa, entitled: “Foundations for New Investment”, at the 19th CERAWeek Conference which took place in Houston, United States Wednesday.
The NNPC GMD stated that from available information, a prolific 1.0 billion barrels of crude oil find was recently made at the Owowo field, offshore Nigeria.
He further stated that the African global crude oil and gas outlook remained positive and on the upward trajectory, saying the West Africa as the Sub-Region held the ace in terms of offshore Deep Water exploration hotspots.
He called on foreign investors to explore the Nigerian Ultra-Deep terrain which he described as largely untested.
Dr. Baru told his audience that in Nigeria NNPC was currently drilling Kolmani River-II Well in the Benue Trough – one of Nigeria’s several frontier inland Basins with about 400 Bcf of gas expected to be encountered.
The occasion also provided an opportunity for the NNPC GMD to make a case for the domestication of oil and gas technologies within the African continent.
He also lauded the Federal Government for its peace initiatives in the Niger Delta communities which he said had seen the country hitting very high oil and gas production figures in recent years.
Ministers and high level energy executives from Mali, Somalia, Namibia and Uganda were among panelists at the Special Session.