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NNPC’s search for oil gulps N14.3bn in seven months



NNPC GMD reveals the problem with Nigerian refineries

The Nigerian National Petroleum Company (NNPC) Limited 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), obtained by Ripples Nigeria on Monday.

According to the document, NNPC spent N3.88 billion in January 2022, while no amount was released for exploration in February.

The figure stood at N1.18 billion in March but increased to N2.94 billion in April.

READ ALSO:NNPC boss, Kyari decries oil theft, alleges collaboration between security agents and criminals

In May, NNPC spent N2.10 billion, while another N2.71 billion was spent in June.

The highest figure was recorded in June, as NNPC committed N4.20 billion to the search for oil.

Meanwhile, President Muhammadu Buhari is expected to officially kick off drilling for crude oil in the north for the first time.

This is coming exactly two years (2019) after the mineral resource was discovered in the region.

The drilling will kick off on Tuesday, 22 November 2023, in Kolmani Oil Prospecting Lease (OPL) 809 and 810 at the Kolmani field site located in Bauchi and Gombe states.

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