The Nigerian National Petroleum Corporation (NNPC), has denied reports making the rounds across the country that commercial quantities of crude oil have been discovered in the Bida Basins, Niger State.
Group Managing Director, Maikanti Baru, described the report as false and alarming.
Baru made this declaration during his visit to the Ibrahim Badamasi University, Lapai, (IBBUL), Niger State, on Saturday.
He said the Corporation was still analysing the Basin to determine if the hydrocarbons had been generated.
According to Baru, “There are ten stages of activities that lead to the discovery of oil and gas and the Bida Basin exploration is in the fourth stage which is determining if hydrocarbon have been generated in the Basin.
“For now, the Bida Basin exploration has not advanced to the level of declaring discoveries talk less of claiming that the oil and gas present is in commercial quantities.
“The success of the ongoing exploration in the inland Basins will be of great benefits and would usher in a new dawn, in terms of generating higher income and thereby leading to accelerated development across all sectors of the country.”