The NNPC says it is devising new ways to attract more funding for operators in Nigeria’s oil and gas industry to launch them into a new phase of exploration.
The operators have been grappling with funding challenges which has reduced investment in oil exploration.
Dr Maikanti Baru, the Group Managing Director of NNPC, said the corporation believed that attracting fresh funds to the industry would enable the country to achieve its target of raising reserves to 40 billion barrels in 2020.
Baru, who spoke at the 36th Nigerian Association of Petroleum Explorationists in Lagos, said that Nigeria had already set an achievable target of 40 billion barrels oil reserves and three million barrels a day production by 2020.
Baru was represented by Dr Victor Adeniran, the Chief Operating Officer of NNPC Ventures.
He said the industry required special fund for hydrocarbon exploration to fully achieve its potential.
“Currently, as a physical incentive, all exploration cost within the industry is expensed, this is a laudable and pro-industry incentive from the government.
“The implications is that funding needs to be incurred prior to taking benefits, hence the funding structure of exploration within the industry needs to be strengthened,” Baru said.
Baru said the corporation was willing to work with partners and the industry in that regard.
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