NNPC’s Crude Oil Exploration In Borno Will Create Massive Wealth, Guarantee Energy Security For Nigeria—–Komolafe

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Engr Gbenga Komolafe has said that the
official Spudding of Wadi-B Appraisal/ Exploratory Well in OPL 732, located within Chad Basin, covering Jere Local Government Area of Borno State would create massive wealth and guarantee energy security for Nigeria.

He said this during the Presidential flag-off of NNPC’s Wadi-B drilling campaign by President Muhammadu Buhari.

He said the event marks another milestone in the decades of hydrocarbon exploration, appraisal and prospectivity studies of the inland frontier basins, and further underscores the effort government is making in ensuring that requisite investments are made in Frontier Basin exploration in Nigeria.

Komolafe commended President Muhammadu Buhari, for his commitment to mitigate energy poverty, create shared prosperity and enthrone sustainable growth in the Nigerian Economy.

The NUPRC Boss also hailed the
commitment of the Board and Management of NNPC Limited especially the effort of the Group Chief Executive, Mele Kyari, and his team of professionals for their doggedness in maturating the nation’s hydrocarbon resources, most especially in the frontier basin.

He told the gathering that the spudding ceremony cannot have come at a better time, especially given the recent global events that bother on energy security and energy transition.

Komolafe stated that Nigeria, in its energy transition plan, has defined its energy transition pathway, highlighting the processes and activities to achieve the 2060 carbon neutrality target while also meeting the nation’s energy needs.

The Nigeria Energy Transition Plan recognised that in light of rapidly rising population, accelerated resources development is needed to ensure improved living conditions for millions of Nigerians.

At the Commission, he said the leadership has continued to play a leading role in the discourse around promoting a fair, inclusive and equitable energy transition, enabling sustainable development of Nigeria’s oil and gas resources while providing regulatory support for the deployment of decarbonisation technologies.

According to him, one of the key regulatory focuses of the Commission is to grow Nigeria’s national reserves from the current 37 billion barrels of oil to 40 billion barrels of oil by 2030.

He added, “Considering the positive results recorded so far in OPL 732 from previous exploratory activities, we are optimistic that through this Wadi-B Appraisal drilling, the huge P50 case prospective hydrocarbon resource estimated at about 943 million barrels of Oil Initially in Place (OIIP), will be matured and migrated into proven reserves.

“We are therefore elated that the outcome of this appraisal drilling will significantly contribute to growth in our national oil reserves, facilitate sustainable domestic energy security, usher in wealth creation and massive economic prosperity for the people of Borno State as well as create shared prosperity for the nation in general as we navigate through the rapidly evolving energy landscape.

“Let me at this juncture allude to the fact that this project aligns seamlessly with the objectives, spirit and intent of the Petroleum Industry Act 2021 (PIA). Section 9(1) of the PIA mandates the Commission to promote the exploration of the frontier basins of Nigeria and establish Frontier Exploration Fund which can be utilized to deploy world class cutting-edge technologies to de-risk exploration in the frontier basins.

“Accordingly, the Commission has developed the Frontier Exploration Fund Administration Regulations which provides a robust mechanism for the administration of Frontier Exploration Fund. This regulation is currently being reviewed by the Federal Ministry of Justice prior to gazetting.

“With this, the Commission can assure the nation of our readiness to promote and support frontier exploration as required.

“The Commission therefore assures NNPC Limited of our continuous and unwavering regulatory support and commitment required to enable the exploration and development of frontier basins and all other NNPC-operated assets. Our doors will remain open for guidance and quick issuance of all necessary approvals.”

Komolafe expressed confidence that the NNPCL, being Africa’s largest energy company, will continue to deliver on its commitment to economic and social development, making energy available and accessible to all Nigerians.