The Managing Director of ExxonMobil, Mr Shane Harris has paid a working visit to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Engr Gbenga Komolafe to discuss issues regarding the development of the Nigerian oil and gas industry.

The meeting, which was held at the headquarters of the Commission in Abuja focussed on various issues on how to further unlock the potentials of the oil and gas industry in Nigeria.

During the meeting, which was attended by the Country Chairperson, ExxonMobil, Adesua Dozie, the ExxonMobil MD assured the NUPRC Boss of further investments in the Nigerian Upstream industry.

This, according to him, would be achieved through leveraging the re-engineered processes and incentives.

The assurance from ExxonMobil MD is coming barely three weeks after Komolafe met the President of Schlumberger, Olivier Le Peuch, as part of efforts to develop frontier oil basins in Nigeria.

Schlumberger, globally known as SLB Global, is a major player in the oil and gas industry, while Nigeria’s frontier basins are regions with potential for oil and gas reserves that have not been extensively explored yet.

During that meeting, Komolafe had listed the areas of mutual interest to include the development of Nigeria’s frontier basins and the integration of innovative technologies to enhance exploration and production efficiencies.

The frontier basins hold promise for increasing Nigeria’s hydrocarbon production and they include the Anambra, Benue Trough (Lower, Middle, Upper), Chad (South-Eastern sector), Dahomey, Bida (Mid-Niger), Sokoto, and Deep/Ultra-deep offshore.

Nigeria is aiming to increase its reserves from 37 billion barrels to 50 billion barrels, in the short to midium term, as well as increase its proven gas reserves from about 209 trillion cubic feet (tcf) to about 250 tcf.

Apart from increasing its reserves, the government, through the NUPRC has also launched more bid rounds to ramp up crude oil production as well as guarantee energy sufficiency for the country.

Exploration of oil and gas in the frontier basins is at the centre of Nigeria’s quest to increase its oil and gas reserves.

The significance of the basins is that they are new sources of oil and gas revenue for Nigeria, with the potential for natural gas reserves for domestic use and export.

The NUPRC is responsible for overseeing frontier basin exploration through regulations, and the basins are seen as a way to ensure Nigeria’s long-term energy security and economic growth.