Frontier Exploration Fund faces scrutiny amid oil production struggles

Nigeria’s Frontier Exploration Fund created to finance the exploration of crude oil and gas in Nigeria’s inland basins is facing increased scrutiny following the nation’s oil output decline to its lowest levels in decades. The Nigerian National Petroleum Company (NNPC) is aggressively searching for new oil deposits in the nation’s frontier basins in a race to raise oil reserves to 40 billion barrels by 2025 from 37.5 billion barrels currently. The NNPC’s insatiable quest for finding oil in the North is built on a certain premise that the