But 60 per cent or 113 barrels of the figures is yet to be exposed and fully exploited.
Former Special Adviser on Petroleum Matters to the late President Umaru Musa Yar’Adua and Chairman, Emerald Energy Resources Limited, Emmnauel Egbogah, disclosed this at the inaugural lecture to mark the opening of the Abuja chapter of the Nigerian Association of Petroleum Explorationists (NAPE) at the weekend.
He stated that many exploration experts were of the opinion that for every five barrels of oil discovered till date globally, three more barrels lay latent in operational fields, as well as the deep seas, the Arctic and the Amazon basin.
This expectation, he said, could be extrapolated to many largely unexplored areas of the Niger Delta and Inland/frontier basins of Nigeria.
According to him, “these discoveries will lead to additional reserves of about 40 billion barrels producible by conventional techniques, which brings the total quantities of ultimate oil recovery in Nigeria to 106 billion barrels with a grand total resources base of 302 billion barrels.
“This will also bring the quantity of oil in Nigeria fields that represents the target for Enhanced Oil Recovery (EOR) technologies to about 196 billion barrels,” he added.
Noting that if the EOR target in Nigeria were to be produced at 40 per cent recovery, a further 78 billion barrels of oil reserves would become available, he said the total ultimate oil recovery from Nigerian fields by both conventional and EOR methods would be 185 billion barrels, which is a significant and considerable reserve base upon which the national economy could be anchored.
Egbogah said that the potential was highly dependent on a broad spectrum of economic, technological and policy constraints, which require the concerted attention of both industry and national policy makers in order to realise and maximise the benefits of the resources for Nigerians.
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