Nigeria’s national oil firm chief, Dr. Maikanti Baru, Saturday, said that crude oil has not been found in commercial quantity in Bida Basin, laying to rest speculation about commercial oil find in the basin.
“Speculation that oil has been found in commercial quantity in the Bida Basin should be discountenanced,” Baru said, stressing that the search for oil in the basin is still ongoing.
He made the clarification while delivering a speech during his conferment with the fellowship award by the Ibrahim Badamasi Babangida (IBB) University, Lapai, according to a statement by the Corporations spokesperson, Ndu Ughamadu.
Speaking on the topic: “The Role of Inland Basins in Unlocking the Socio-Economic Benefits of a New Nigeria”, Dr Baru said although the NNPC was desirous of discovery of oil and gas in the frontier basins, the Corporation was currently at the fourth, out of 10 intensive stages, of determining if hydrocarbon has been generated in the basin.
Dr Baru explained that upon completion of determination of hydrocarbon generated, the corporation would then initiate another six stages of integration of the studies to identify positive hydrocarbon anomalies, acquisition of 2D seismic data over anomalies, acquisition of 3D seismic data to validate identified structures, drilling of exploration wells, drilling of appraisal wells and evaluation of the engineering and economic parameters required.
“The Bida basin exploration is in the fourth stage of these activities… it is important to state that efforts have not advanced to the level of declaring discoveries, talk-less of claiming that the oil and gas present is in commercial quantities,” Baru stressed.
He added, “It is also imperative to state that even after commercial discovery of hydrocarbons, it is pertinent that pronouncements be made only after due validation of claims by the Industry Regulator – the Department of Petroleum Resources (DPR).”
He expressed the hope that with the clarity provided, all claims and counter claims in respect of the Bida basin hydrocarbon discoveries would be given the befitting rest they deserve.
However, the NNPC chief assured that the corporation through its relevant subsidiaries, is currently engaged in aggressive exploration campaign at most inland basins with a view to discovering new oil and gas reserves that will production and the extended economic benefits.