The federal government yesterday said that for over 12 years, Nigeria had not done much oil exploration but noted that with the increasing activities in the sector, the country should be doubling its crude reserves, especially with the floating of the Frontier Exploration Fund (FEF).
This information was disclosed just as all eight persons aboard a helicopter hired by the Nigerian National Petroleum Company Limited (NNPC), which was en route to one of its oil platforms in the Niger Delta, died in a crash yesterday.
Speaking in Abuja during a visit by the Governor of Kogi State, Usman Ododo, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, reiterated that the nation was targeting 2 million barrels per day by the end of this year.
“For the past few years, Nigeria hasn’t actually done much of exploration and that is why our reserves are low-grade. Our reserves are about 37 billion barrels. But our reserves should be at least two times that.
“The reason is that all our neighbours that didn’t have oil, when our reserves were at 30 billion barrels something, have found oil. So there’s no way we will not find more oil, like we have found in Kogi and in other parts of Nigeria.
“The reason why we haven’t been able to update our records is that not much exploration has been done in the last 12 years.”
