Energy
NNPC Shares Updates On Oil Exploration In Northern Nigeria
. . . Pledges Support For FG’s Ambition In Frontier Regions
The Nigerian National Petroleum Company Limited (NNPC Ltd) has provided updates on its crude oil exploration activities in the Northern part of the country, reiterating its commitment to achieving the Federal Government’s aspirations in the frontier basins.
“The company has been actively drilling in basins in and around Northern Nigeria, as a result of the need to increase oil exploration in the country’s frontier basins”.
This was contained in a publication authored by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, who noted that “this is a strategic engagement that NNPC Ltd will not compromise on.”
ALSO READ: BREAKING: NNPC Ltd Clears Air On OVH Acquisition
Soneye pointed out that the NNPC Ltd was intensifying patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises to Nigerians.
Soneye, added that the discovery and exploration of crude oil in the north will not only appear as a dream pursued, but as an economic reality to boost oil production as well as deepen the strength and efficiency of the petroleum industry value chain in Nigeria.
He said: “NNPC Ltd, in compliance with the Petroleum Industry Act, PIA, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in other basins.
“With crude oil reserves of more than 37 billion barrels and the 6th largest world producer, the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the north eastern part of the country will only accentuate the prosperity and growth of Nigeria in the comity of nations.
“It is therefore untrue for naysayers or sceptics to claim that NNPC has halted the search for oil in Nigeria’s inland basins. On the contrary, NNPC Ltd is intensifying its patriotic efforts, making significant progress, and advancing considerable prospects to make do its promises no matter whose ox is gored.”
While stating that the NNPC Ltd would not suspend its inland basins oil and gas exploration activities, as some have suggested, he quipped that “Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security
The NNPC Ltd has assured that contrary to insinuations in some quarters, oil exploration in the northern of the country is on course.
Soneye made this clarification in a recent publication noting that the company in compliance with the PIA 2021, is leaving no stone unturned to continue oil drilling projects in the North after decades of exploration in the South.
He emphasized that the company is currently active in the inland basins of Nigeria with some drilling projects including Wadi-2 Appraisal/Exploratory Well in OPL 732 and Ebenyi-1 Exploration Well in OPL 826.
According to him, the Wadi-2 Appraisal/Exploratory Well in OPL 732 in Borno State, within the Chad Basin, was spudded on November 4, 2023, and drilled to a total depth of 12,050 feet.
He noted that the drilling phase concluded on June 29, 2024 and the preliminary results from the geological evaluation of the well objectives led to post-drilling well testing, which began on July 4, 2024, and is ongoing.
“This testing aims to further evaluate the target reservoirs for the occurrence of a commercial accumulation of hydrocarbons and to obtain data for future field development,” he stated.
On Ebenyi-1 Exploration Well in OPL 826, which is situated in Nasarawa State within the Middle Benue Trough, drilling began on July 17, 2023.
“The 17½” hole section was drilled and cased to a depth of 3,449 feet. The drilling operations faced challenges due to issues with the hole and equipment breakdowns. The turnkey contractor is finalizing plans to replace the drilling equipment with newer models to continue drilling operations to the planned total depth of 14,250 feet”, Soneye stated.
On the Kolmani River where in 2019 1 billion barrels of oil reserves and 500 billion cubic feet of gas was discovered, Soneye said the defunct Frontier Exploration Services (FES) of NNPC Ltd drilled three wells—Kolmani River-2, Kolmani River-3, and Kolmani River-4—in the Upper Benue Trough (northeast Nigeria) on its and its partners behalf.
He said the drilling campaign confirmed the presence of commercial hydrocarbon deposits in the Kolmani field of OPLs 809 and 810.
He noted that the rig that drilled the wells was subsequently moved to start the Nasarawa project, with the goal of replicating the success achieved in the Kolmani field.
“In collaboration with co-venturers, we are working towards the next phase of field development. The post-exploration planning takes time to meet regulatory requirements before the development phase can commence. Significant infrastructure projects are currently underway to facilitate the movement of heavy-duty equipment for the next project phase in the area.
“NNPC Ltd has not and will not suspend its inland basins oil and gas exploration activities, as some have suggested. Instead, the company is intensifying efforts to expedite the process and ensure the efficient exploitation of hydrocarbon resources in these areas, thereby contributing to national energy security”, Soneye stated.
The NNPC Ltd. spokesman said the current leadership of the company is committed to addressing every gap within its purview including infrastructural issues associated with the oil and gas industry such as gas shortages for power supply, pipeline protection and maintaining the uninterrupted provision of petroleum products across the country.
“For clarity, the NNPC Ltd, under the chairmanship of Chief Pius Akinyelure and managerial leadership of Mele Kyari, is well-positioned to capture the economic opportunities associated with developing and selling hydrocarbons in a resource rich country like Nigeria. These benefits are to be equitably distributed across society and create wealth for human capital development and capacity building.
“It is to further achieve this sufficiency that, under Kyari’s leadership, NNPC Ltd is fully aligned with the federal government’s ambition to accelerate economic growth and diversify the economy for the benefit of all Nigerians.
“This is being achieved through timely, credible, clear, and consistent policies. Since taking charge in July 2019, he has driven significant organizational renewal and greatly improved NNPC’s performance and long-term viability. The board and Kyari have been the driving force behind ambitious business growth and have instilled a new commercial mindset throughout the company’s entire value chain”, Soneye said.
He said Kyari’s leadership style has revitalized NNPC Ltd. workforce even as the company continues to attract the interest of business partners, customers, suppliers, and shareholders noting that since its transition to a commercial entity under the Petroleum Industry Act (PIA) 2021, and in line with the Company & Allied Matters Act (CAMA) provisions, NNPC Ltd. has consistently delivered value despite its unique operational challenges
Soneye said in addition to thus, the company hsd maintained steady growth.
“For the first time in 43 years, NNPC declared a profit. From a loss of N803 billion in 2018, the company reduced this to just N1.7 billion in 2019. Remarkably, in 2020, NNPC posted its first-ever profit of N287 billion, which grew to N674.1 billion in 2021, and by the end of 2022, it had soared to N2.548 trillion.
“In our 2023 Audited Financial Statement, AFS, we declared a net profit of N3.297 trillion for the fiscal year, indicating an increase of 28 percent (over N700 billion) compared to the N2.548 trillion recorded in 2022. The N3.297 trillion profit declared for 2023 is very symbolic as it is the highest ever to be recorded since inception, 46 years ago.
“In terms of asset growth, we have moved from N13,300 billion in 2019 to N15,836 billion in 2020; N16,262 billion in 2021; N58,652 billion in 2022; and N246,816 billion, in 2023,” the NNPC spokesman said.
He added that NNPC Ltd. will continue exploration in the north so that it can sustain this type of excellent financial performance and gains for its investors and Nigerians at large noting that “the more strategic explorations we make, the better for all of us.”
Oil output from the United Arab Emirates (UAE) rose to record levels in September, underscoring its resilience even amidst the Middle East crises and liberation from OPEC+ limits.
The International Energy Agency (IEA) issued the data in its monthly report, adding that Abu Dhabi raised total oil production, including condensates, by 400,000 bpd to 5.3 MMbpd.
According to the IEA, the UAE bolstered crude output to more than 4.4 MMbpd, nearing its maximum capacity, which surpasses the previous highs for total oil in August, and crude oil in June.
READ ALSO: Africa’s Energy Security Conversations Pull Industry Executives Together
The UAE has been one of the most successful among regional producers in restoring flows through the Strait of Hormuz, by drawing on a fleet of tankers to discreetly shuttle cargoes through the chokepoint and then transfer them onto other vessels. In addition, the country’s decision to leave the Organization of the Petroleum Exporting Countries (OPEC) as of May has freed it from the group’s output caps, a source of frustration for years.
Its gains contributed to a wider recovery in flows from Gulf producers, which reached more than 75% of pre-war levels in September, led by Saudi Arabia, according to the Paris-based IEA.
Still, it’s unclear how far the regional rebound has withstood a new wave of Iranian attacks on tankers transiting Hormuz, and escalating hostilities carried out by the Houthi rebel faction in Yemen.
The UAE depleted its observable above-ground inventories at a record pace of more than 270,000 bpd in September, drawing them to an all-time low, according to the IEA.
Africa’s gas potential and strengthening the continent’s energy security would take centre stage at the Africa Interviews Sustainability Forum (AISF 2026) scheduled for Wednesday, October 21, in Lagos.
Biztellers reports that top officials of Oando Plc and Renaissance Africa Energy Company Limited, Ayotola Jagun and Tony Attah, respectively, will be leading other industry leaders in the discussion.
Jagun, Oando’s Executive Director, Chief Corporate Services and Sustainability Officer, and Attah, Managing Director and Chief Executive Officer of Renaissance Africa Energy Company Limited, will participate in a panel discussion alongside Lamé Verre of Lean In Equity & Sustainability (LiNES) and Dapo Filani, Managing Director and Chief Executive Officer of Waltersmith.
The panel will examine Africa’s energy security and the role of natural gas in the continent’s energy transition.
READ ALSO: 30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni
The forum, launched in 2024, is holding its third edition under the theme, “Energy Security and Africa’s Energy Transition: Defining the Role of Gas.”
This year’s gathering will explore how African countries can strengthen energy security, attract investment in gas development and balance growing energy demand with sustainability objectives.
Verre, a London-based energy and sustainability executive, is Co-founder and Chair of the Advisory Board of LiNES. She will bring her international experience in sustainability, decarbonisation and low-carbon development to the discussion. Her work spans low-carbon initiatives across sectors, including marine, the built environment, forestry, land and agriculture.
Jagun brings extensive experience in corporate governance, regulatory compliance, enterprise risk management and sustainability. Her contribution will provide a corporate sustainability and governance perspective on the relationship between energy development, environmental responsibility and Africa’s transition priorities.
Attah, a former Managing Director and Chief Executive Officer of Nigeria LNG Limited, has extensive experience in the oil and gas industry, particularly in natural gas development and major energy operations.
Filani leads Waltersmith, an indigenous Nigerian energy company with interests across the oil and gas value chain. His participation will highlight the role of indigenous energy companies in strengthening domestic energy capacity and supporting economic development.
The panel will consider what is required to unlock greater investment in Africa’s gas sector, how natural gas can support industrial growth while advancing sustainability, and what practical measures could help translate the continent’s energy ambitions into tangible outcomes.
Beyond the panel discussion, AISF 2026 will provide opportunities for engagement among senior energy executives, policymakers, investors and business leaders.
Oil prices on Monday went south, after crude exports from the Middle East rose above pre-war levels, while the Group of Seven nations pledged to release 100 million barrels of crude and diesel from emergency reserves.
Brent crude futures fell by $1.20, or 1.17 percent, to $101.05 a barrel, while West Texas Intermediate crude declined by $1.16, or 1.27 percent, to $89.95 per barrel, according to Reuters.
Middle Eastern crude exports exceeded pre-war levels on four of the seven days in the final week of September, shipping data showed, despite attacks on vessels passing through the strategic Strait of Hormuz.
The increase in exports, combined with the G7’s planned release of emergency stocks, helped put downward pressure on crude prices.
The G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions following pressure from United States President Donald Trump.
READ ALSO: Ndindi Nyoro Gives Ruto 14 Days to Disclose Dangote Refinery Deal
However, the scale of the additional supply remained uncertain.
IEA Executive Director, Fatih Birol, said last week that member countries had already released about two-thirds of the 400-million-barrel volume.
Meanwhile, supply concerns remained elevated as fighting continued across parts of the Middle East.
Saudi Aramco Chief Executive Officer, Amin Nasser, also warned that crude oil and refined fuel supplies were expected to remain stretched.
He said rebuilding global stockpiles after emergency withdrawals could take two years.
The United States Strategic Petroleum Reserve fell to 283 million barrels last week, its lowest level since October 1982, according to data from the US Department of Energy.
The supply outlook was further complicated by the continuing conflict involving Saudi Arabia and Iran-backed Houthi forces in Yemen.
Yemeni government forces attacked Houthi positions in the Dhubab district overlooking the Bab el-Mandeb Strait on Monday, according to two military sources.
The development came a day after the internationally recognised government launched a campaign to retake Houthi-held territory.
Meanwhile, OPEC+ postponed a review that would determine its 2027 oil output quotas after the war involving Iran disrupted projects aimed at expanding production capacity across the Middle East.
Zamfara: Farmer rescued as search for 10 others continues
Showunmi Urges South-East to Judge Tinubu by Projects, Not Propaganda
2027: ‘North Has No Reason to Break Agreement’ — Gov Yusuf Backs Tinubu
Aircraft Averts Crash, After Losing Door Mid-Air in Abuja
Bandits Kill 70-Year-Old Man in Katsina, 27 Victims Rescued
‘Nigeria Is Doomed Under Tinubu’ — Kenneth Okonkwo Backs Atiku for 2027
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
