NNPC says Nigeria’s reserves now 37bn barrels of oil and 192trn cubic feet of gas

The Nigerian National Petroleum Corporation, NNPC, said on Sunday that the West Africa country’s crude reserve was now 37 billion barrels, Premium Times reports.

The NNPC Group General Manager, Group Public Affairs Division, Ndu Ughamadu, while quoting the NNPC Group Managing Director, Maikanti Baru, who addressed staff during an end of year message, said the corporation was committed to implementing a robust security. ‘“Dr. Baru attributes the recent increase in the country’s oil and gas reserves to 37 billion barrels and 192 trillion cubic feet, respectively, to the relative peace that was instituted in the Niger Delta,” he said.

He added; “Over the year, NNPC adopted strategies to ensure the Corporation’s operational profitability, renegotiation of all existing contracts to achieve substantial value realization of between five and 30 percent discounts. This singular effort alone translated to substantial cost savings in favor of NNPC,” Mr. Ughamadu said. He also said the NNPC had commenced the implementation of a 12-key Business Focus Areas developed by its Management Team to enhance the corporation’s business performance.