Nigeria to become hub of offshore activities

Jul 28, 2004 02:00 AM

Nigeria would soon become the hub of offshore operations in the continent, the Group Managing Director of NNPC, Mr Funsho Kupolokun, has said. Kupolokun made the declaration in Abuja.
"Given the numerous oil findings in the Gulf of Guinea and the Nigeria-Sao Tome Joint Development Authority, the country would undoubtedly be the centre of upstream activities on the continent," he said.

He said that the current reforms being undertaken in the NNPC would go a long way to assist the nation to attain more growth in the oil sector. Kupolokun said that for instance, the nation would hope to achieve 40 bn barrels of crude oil reserve and 4.5 mm oil producibility by the turn of the decade.
"I believe by the turn of the decade Nigeria will achieve maximum value for its hydrocarbon resources," he said.

The GMD said that at present the nation had 33 bn barrels of crude oil reserve and 4 mm bpd producibility. He said the corporation was sourcing for alternative funding for its joint venture activities as well as that of its exploration and production arm, the (NPDC), aimed at enhancing productivity.
The GMD noted that at present the corporation was spending between $ 8 bn and $ 9 bn annually for its exploration activities. He said that the country's joint venture cash call was up to date and that it had attracted more interest in investment in the oil sector from the multinationals. He gave assurances that the present NNPC management would turn around the fortunes of the corporation by engaging in all commercial activities for the benefit of all Nigerians.

Source: LiquidAfrica
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