NNPC woo investors on $10b barrel deep-water resources

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A floating fuel filling station belonging to Nigeria’s state oil firm Nigerian National Petroleum Corporation (NNPC) sits idle on a river in the oil rich southeastern Delta state, Nigeria June 18, 2017. REUTERS/Tife Owolabi

Nigerian National Petroleum Corporation (NNPC) to increase Nigeria’s crude oil reserve was taken a notch higher yesterday with the unveiling of multi-billion dollar investment opportunities in the nation’s deep-offshore frontiers at the 10th World Energy Capital Assembly in London, United Kingdom.

Delivering an address at the panel session entitled: Spotlight on Africa”, Group Managing Director of the NNPC Corporation, Dr. Maikanti Baru said that “globally Nigeria has the highest untapped deep water resource of about 10 billion barrels of oil equivalent, in addition to other vast opportunities in the oil and gas value chain”.

The NNPC GMD who was represented at the event by the Group General Manager Corporate Planning & Strategy of the NNPC, Mr Bala Wunti, explained that Nigeria has the largest and one of the most vibrant economies in Africa with lots of potentials, especially in the gas, refining and infrastructure space.

The Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, who revealed this in a statement Wednesday, quoted him as saying that “I invite you all to a country that has massive opportunities, very good business climate and good returns on investment. Our resilience has been tested, we have been through the booms and bursts and we came out stronger. With our experience, geographical location and capacity, Nigeria is the country of now and the future.”

He further explained that NNPC has a clear strategy for harnessing these potentials through collaboration and building robust partnerships as entrenched in the Corporation’s 12 Business Focus Areas being aggressively driven by the Leadership of the Corporation.

The World Energy Capital Assembly is a leading gathering of energy executives, finance and investment professionals to discuss emerging and re-emerging energy investment opportunities, review deals done and chart an outlook of energy related activities across the globe.

Other participants at the 10-year Anniversary of the event include Lord John Browne, the Baron Browne of Madingley and CEO of British Petroleum from 1995 to 2007; the Global Chief Economist of British Petroleum, Mr. Spencer Dale; the Senior Vice President of Abu Dhabi National Oil Company, Mr. Abdul Nasser Al Mughairbi; as well as the Senior Vice President and Chief Economist of Equinor, Mr. Eirik Wærness, among others.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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