Nigeria Earns Over $180bn From Deepwater Operations.

 Nigeria Earns Over $180bn From Deepwater Operations.

Nigeria’s deepwater operations have generated revenue exceeding $180 billion following industry players’ capital investment in excess of $65bn with the potentials for growth amidst untapped abundant opportunities in the sector.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, made this disclosure while delivering a paper at the panel session in the ongoing golden anniversary of the Offshore Technology Conference (OTC) in Houston, Texas.

A statement by NNPC spokesman Ndu Ughamadu said the GMD who was represented by the Chief Operating Officer, Upstream of the NNPC, Mallam Bello Rabiu, stated that Nigeria held approximately 13bn barrels of oil, out of which about 2bn has been produced with a huge volume yet untapped.

Dr. Baru noted that there were 87 deepwater blocks in Nigeria, out of which only seven are producing and additional six at different phases of development. He stated that more than half of the blocks in deepwater Nigeria are open.

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