The Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Maikanti Baru has indicated the resolve of the corporation to go back to Lake Chad basin and continue oil exploration.
Speaking at the NNPC Day at the ongoing 39th Kaduna International Trade Fair in Kaduna on Wednesday, the NNPC boss remarked that in spite of the security challenges experience in the basin, there would not be any determent in resuming oil exploration.
“We are going back to Lake Chad basin in full force,” he declared.
Baru thanked the president for facilitating the release of the University of Maiduguri lecturers that were abducted by the Boko Haram insurgents, saying that the lecturers had since joined their families.
During a question and answer session, Baru clarified that building a new refinery in Katsina was actually at Pate and not Katsina.
At the moment it is not being built by the government or NNPC. But, we are facilitators since we already have refineries. For it to come on stream we are going to get crude oil from Niger and there will be a pipeline extension.
“The initial capacity is 34 percent, about 20,000 barrel per day and we have a plan to expand it to another 65,000 barrel per day. It is square private sector driven and we are doing is to help them facilitate the project.
“Their plan is to bring the refinery on stream within 36 months, and at the current rate they have completed the feasibility study and they will soon start with the detail engineering work.
“The refinery will be able to process the Nigerian crude which, as configured, the Kaduna refinery will not be able to process the Nigerien crude.”
Commenting on the state of the refineries, the GMD said the good news for Nigerians, is that current management of NNPC is taking a pragmatic look at the refineries rehabilitation.
“And we have done what needs to be done to bring them to also look new, and they will be able to produce up to 90 percent when we bring them of stream,”