No Commercial Oil Find Recorded in Bida Basin Yet, NNPC Declares
The Nigerian National Petroleum Corporation (NNPC), on Saturday declared that it has not recorded any commercial oil find in the Bida Basin, stating that the processes required to achieve that were still far.
NNPC’s Group Managing Director, Dr. Maikanti Baru, explained that the speculations that oil has been found in commercial quantity in the Bida Basin should be discountenanced, adding that the search for oil in the basin was still ongoing.
In a statement from NNPC’s Group General Manager, Public Affairs, Mr. Ndu Ughamadu, in Abuja, Baru said the NNPC was desirous of finding oil in the frontier basin, but that it was currently at the fourth, out of 10 intensive stages to determine if it had oil deposits in commercial quantities.
The statement said he made the submission while delivering his acceptance speech when he was conferred with a fellowship award by the Ibrahim Badamasi Babangida (IBB) University in Lapai, Niger State.
It explained that he also spoke on the topic: “The Role of Inland Basins in Unlocking the Socio-Economic Benefits of a New Nigeria.”
He stated that upon completion of determination of hydrocarbon generated, the NNPC would 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.
He emphasised that NNPC recognised that the Bida basin exploration was in the fourth stage of these activities, adding that 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.
“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),” Baru, said.