NNPC laments depletion of oil, gas reserves

By Taiwo Adediran
In Local News
Oct 4th, 2016

download-2The Nigerian National Petroleum Corporation, NNPC, yesterday, painted a gloomy outlook for Nigeria’s economic fortunes, as it disclosed that the country’s crude oil and gas reserves are fast depleting.


The NNPC in a statement in Abuja, therefore, begged oil and gas exploration companies, professionals and other stakeholders to focus on increasing the nation’s oil and gas reserve base to match national aspirations to increase oil production.


Group Managing Director of the NNPC, Mr. Maikanti Baru, disclosed this when the Nigerian Association of Petroleum Explorationists, NAPE, hosted him in Abuja.


He also expressed readiness of the NNPC to partner with stakeholders in the oil and gas industry to grow the nation’s fast depleting reserves in order to increase productivity in the petroleum sector.


Meanwhile, the NNPC has fixed the price of kerosene at one hundred and fifty naira per litre. This regulatory price benchmark is far below two hundred and eighty naira current average market price of the product in most part of Nigeria.  While announcing the price ceiling, Baru calls on petroleum marketers not to sell the commodity above the price.



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