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Baru Seeks Investors To Unlock 10bn Barrels Deep-Water Resources



Ongoing drive by the Nigerian National Petroleum Corporation (NNPC) to increase Nigeria’s crude oil reserve heightened 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, 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.

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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