Baru reveals how crude oil reserve can be increased

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has announced that the country has intensified its search for oil in the Chad Basin region of the country. He recounted that this was an effort to increase the crude oil reserve of the country. He stated this while receiving the governor of Yobe State Ibrahim Gaidem at the the NNPC headquarters yesterday.

The Director stated that the search for crude oil is on track as preliminary exploratory activities had shown signs of hydrocarbon in eastern Yobe of the Chad Basin. He expressed his optimism that once the corporation received security clearance, the 3D seismic data acquisition in the area would continue as scheduled.

He mentioned places where exploration is set to affect which include all the basins of the Niger Delta, Chad, Anambra, Benue Trough, Benin, Sokoto and Bida.

Currently, Nigeria’s reserves stand at 37 billion barrels and the current price of crude oil stands at about $50 and is still fluctuating. Also, the last expedition that was conducted in Borno state witnessed the kidnap of top NNPC staff by members of the dreaded Boko Haram sect.

The GMD gave his assurances for progress of oil exploration activities in Yobe state to the governor whose visit was to interact with the NNPC boss on the progress of exploration in the area.