The Nigerian National Petroleum Corporation (NNPC) has spent a total of N14.5 billion on frontier exploration services, which involves the search for hydrocarbons in inland basins, especially in the north.
This was revealed in the NNPC’s August presentation to the Federation Account Allocation Committee (FAAC), which was obtained on Tuesday.
According to the document, NNPC spent N1.96 billion in January 2021, while in February a total of N1.92 billion was spent.
The figure increased to N2.25 billion in March but no amount was released for exploration in April.
In May, NNPC resumed exploration financing costing the country N3.21 billion, while another N2.71 billion was spent in June.
In the month of July, another 2.44 billion was committed to the exploration service.
Expenditure on Frontier exploration services is expected to rise in the coming months as the Petroleum Industry Act goes into force.
According to PIA, the soon-to-be-announced NNPC Limited would set aside 30 percent of its profits for oil exploration in frontier basins.
Also, the FAAC document noted that NNPC has spent about N58.33 billion on refineries rehabilitation in the first seven months of the year. With a monthly average of N8.33 billion
While the Nigeria-Morocco gas pipeline has so far gulped N500 million.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...