The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Alhaji Maikanti Baru has stated that the corporation has concluded plans to mobilize heavy and sophisticated equipment to resume the oil exploration in the Lake Chad Basin of Borno state.
Speaking on Monday after he led top management staff of NNPC on a courtesy visit to the State Governor Kashim Shettima at the Government House, Maiduguri, Baru disclosed that the resumption which will be done in the next six months was based on the military’s assurance of adequate security, relative peace as a result of the degrading of Boko Haram sects in the north east sub -region.
This disclosure was brought to light at a time when the Organisation of Petroleum Exporting Countries (OPEC) announced that Nigeria’s crude oil production rose by 274,000 barrels per day in April, the biggest increase it has witnessed among its peers in the 13-member cartel.
However, the increase was not enough to help the country dislodge Angola as Africa’s top oil producer, a status the continent’s most populous nation lost in recent months.
While revealing its Monthly Oil Market Report for May on Thursday, OPEC placed Nigeria’s output at 1.484 million bpd for April, from 1.21 million bpd in the previous month, which was based on direct communication.
The publication from OPEC was released after the country’s Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, reiterated that oil companies in the country will start refining crude.
It would be recalled, Kachikwu had in February stated that Nigeria will stop importing refined petroleum products by 2019.