The Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, has said the passage of the four components of the Petroleum Industry Bill, which is expected to usher in
a new legislation, will change the fortunes of the nation’s oil and gas sector for the better.
He further stated that more than 41 billion barrels of crude oil and 319 trillion cubic feet of gas were yet to be discovered in Sub-Saharan Africa. Baru told his audience that in Nigeria NNPC was currently drilling Kolmani River-II Well in the Benue Trough, one of Nigeria’s several frontier inland Basins with about 400 billion standard cubic feet of gas expected to be encountered.
He said African countries must react positively to the new reality by deploying policies and stabilise their business environment to attract meaningful investments.
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