The Federal government is planning to carry out a new oil licensing round for ultra-deepwater oil fields in 2020. The action is being pursued to increase activities in the exploration of the nation’s oil and gas industry.
According to the Group Managing Director of NNPC, Mele Kyari, Nigeria’s oil reserves have stagnated at 37 billion barrels. He said this could be blamed on the lack of interest by current license holders to invest in ultra-deepwater exploration.
He noted that if something is not done to ramp up ultra-deepwater oil exploration, there might be “a massive depletion in the available resources.”