‘Nigeria has capacity for higher volume of oil production’

NIGERIA’S oil reserve may keep on gushing for more years than currently projected, going by current estimates by an industry expert.

Indeed, the Managing Director of Total Upstream Companies in Nigeria, Guy Maurice, disclosed that the country has the capacity to increase oil output by another 500,000 barrels per day, if proper measures are put in place, with current profile of hydrocarbon reserve in the Niger Delta.

He stated this while delivering a keynote address, at the ongoing 29th yearly international conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), in Lagos, with the Theme, “Perspective on Growing Hydrocarbon Reserves in the next Decade.”

While pointing out that though the country missed the three million barrels per day target for last year, he added that in the past decade, discovered hydrocarbon volumes added up to some 337 billions of barrels oil equivalent (Bboe), with 92 of the discoveries amounting to 500 million barrels oil equivalent each, adding up to 177 Bboe.

Maurice hinted that only five countries actually found and grossed 122 Bboe.

“Gloomy, as we all have painted exploration recently in Niger Delta, results in the past decade suggest that the exploration success ratio is well above 30 per cent, which means that the basin is still a prolific oil and gas province and in fact a world class basin,” he said.

Speaking at the event, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke emphasised that exploration work is currently going on in the Chad Basin as there are potentials in other basins such as Benue, Gongola, Anambra, Bida and Sokoto.

She stressed that government shares the same aspirations with the drive to support reserves addition and growth of the industry, adding that the vision of growing oil and gas reserves is feasible even as expertise will be required in turning the potentials into reality.

According to her, “government is not unmindful of some of the challenges being faced by the industry, which include security, funding, exploration and exploitation in frontier areas, attainment of gas flare out, environmental and community issues among others.”

Alison-Madueke assured that government is working with relevant stakeholders to mitigate these challenges.

She urged the association to come up with ideas that will increase the hydrocarbon reserve pool for the nation, develop optimal reservoir management concepts as well as processes that will lower the cost of crude oil and gas production in the country.

Also speaking, the President of the association Jide Ojo said that the conference provides a unique opportunity to sharpen skills, keep abreast of cutting-edge developments while fostering collaboration with other stakeholders.

He affirmed that the conference would move further along in understanding of the dynamics that will facilitate reserves growth over the next decade.

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By Obiora Aduba

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