The Group Managing Director of the NNPC, Dr. Maikanti Baru, has announced that the corporation is making progress in its oil exploration activities in the Chad basin and Benue trough as to shore up the reserve base of Nigeria.
In a statement released on Monday, Baru said “some of our earlier drilled non-commercial holes could be turned around if we deploy requisite technologies. We need to change our perspective of risk as technology is advancing.”
He noted that less than three per cent of all wells drilled in the Niger Delta Basin, both onshore and swamp, were deeper than 15,000 feet, adding that a greater number of the wells had not gone beyond the 10,000ft as high pressure regimes seemed to be a limiting factor.
“Our national gas demand forecast to year 2020 (domestic plus export) indicates a rapid growth to 15bscfd, meaning current reserves level can only sustain that production for 35 years if we do not increase the 2bscfd gas reserve base, which requires 3tcf to replace production yearly.”