ADVERTISEMENT

Nigeria earns over $180bn from deepwater operations

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru
Ex-Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru

Nigeria’s deepwater operations have generated revenue exceeding $180 billion following industry players’ capital investment in excess of $65bn with the potentials for growth amidst untapped abundant opportunities in the sector.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, made this disclosure while delivering a paper at the panel session in the ongoing golden anniversary of the Offshore Technology Conference (OTC) in Houston, Texas.

A statement by NNPC spokesman Ndu Ughamadu said the GMD who was represented by the Chief Operating Officer, Upstream of the NNPC, Mallam Bello Rabiu, stated that Nigeria held approximately 13bn barrels of oil, out of which about 2bn has been produced with a huge volume yet untapped.

Dr. Baru noted that there were 87 deepwater blocks in Nigeria, out of which only seven are producing and additional six at different phases of development. He stated that more than half of the blocks in deepwater Nigeria are open.

Download Daily Trust News App

Get it on Google Play
Share this article

Join us on


Join our whatsapp group here for Breaking News, Exclusives , others

Complain about a story or Report an error and/or correction: +2348189301900 (Whatsapp and SMS only) Email: dtonline@dailytrust.com

DISCLAIMER: Comments on this thread are that of the maker and they do not necessarily reflect the organizations stand or views on issues.