Lagos, March 29, 2023 – Some analysts have advised the Federal Government to give more priority to gas exploration and domestication of its whole value chain.
They gave the advice following the official launch of an oil exploratory drilling campaign in Nasarawa State on Tuesday.
The experts expressed their views in the latest edition of Proshares’ Analyst Note, saying these steps were necessary as the global oil market was shrinking.
The exploratory drilling is part of efforts to explore crude oil and gas in the country’s frontier basins.
The Chad Basin, Dahomey Basin, Anambra Platform, Calabar Embankment, Sokoto Basin, Bida Basin, Benue Trough, and the Ultra-Deepwater Niger Delta as part of the frontier basins.
The analysts, however, commended the federal Government’s efforts to optimise the country’s oil reserve by exploring oil in the frontier basins to increase Nigeria’s oil reserves to 50 billion barrels from the current 37 billion barrels.
It is also intended to increase the country’s oil output to three million barrels per day.
The Nigerian National Petroleum Corporation Limited (NNPCL) formally launched an oil exploration activities in Nasarawa State on Tuesday with President Muhammadu Buhari virtually flagging off the launch. (GBN)
