EXCEPT the Federal Government urgently creates aggressive policies of hydrocarbon reserves replacement, geologists and other stakeholders in the oil sector have raised an alarm that the nation’s crude oil reserve would be totally depleted in the next 37 years precisely by 2048.
Stakeholders are currently worried that with a production output of 2.5 million barrels of oil equivalent per day, Nigeria currently depletes about 1 billion barrels of crude oil annually from its 37.2 billion barrels of hydrocarbon reserves.
This was the position of Mr. Guy Maurice, Managing Director of Total Upstream Companies in Nigeria, at the opening of the 29th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists, in Lagos, yesterday.
According to him, policies must be put in place for industry to gain a lot of time in the contracting cycle, especially by drastically shortening and reducing the time to access rigs for exploration in the Nigerian waters, “the country should make reserves replacement a priority.
“If we take a critical look at perspectives for growing reserves in the next decade, the answer is exploration, exploration and more explorations to run parallel to development projects, which are also becoming more and more expensive to execute, due to slippages in complex contractual environment, couple with security challenges.”
Several stakeholders and operators in the nation’s oil and gas sector have lamented the highly noticeable absence of the Federal Government, especially the Minister of Petroleum Resources, Mrs Diezani Allison-Madueke and the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Austen Oniwon from the opening ceremony.
The conference which had the theme “Perspectives on Growing Hydrocarbon Reserves in the Next Decade” is one of the annual major conferences and exhibition in the oil and gas industry.
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Posted: at 11-02-2012 10:45 PM (12 years ago) | Addicted Hero
ZION7ZION at 12-02-2012 01:45 AM (12 years ago) (m)
Quote from: popinje on 12-02-2012 01:26 AM
hmnnn, good news, i 4 even want make d oil dry up now, make we see watin all dis ole jankoriko wey dey 4 government go dey steal. d oil self 1 almost be like corse 2 d nation.........abeg make d oil dry up jooo
i think i agree with you completely, let it dry for 3months, lets see if Nigeria as a Nation, will remember other mineral resources God has blessed us with.
Posted: at 12-02-2012 01:45 AM (12 years ago) | Gistmaniac
ebeta mak the oil dry today today, so that 9ja will know how to invest in Agriculture, every body eye na for oil they forget that agriculture has been feeding many many country with oil. look at Malaysia. 9JA give them palm oil, they utilize it and Malaysia is the richest in palm oil producing in the world. so make the oil dry in 9ja make every body go answer his papa name, the northern s had forget about the blessings from GOD, And all they cares now is crude oil hope it will dry today .
Posted: at 12-02-2012 02:45 AM (12 years ago) | Upcoming
Well, i dont think so. The reserve quoted here is 1P reserve. beside the economic and tehnical recovery factor for hydrcarbon from a tertiary formation like the niger delta would not be more than 50%. We still have a prolific hydrocarbon reserve in the high pressure offshore zone. Remember Niger Delta is a gas-prone area not oil-prone.
Posted: at 12-02-2012 04:57 AM (12 years ago) | Upcoming
escapedprince at 12-02-2012 06:01 AM (12 years ago) (m)
What difference will it make?? Even with the oil wealth,most Nigerians are living below poverty line, From my own perspective,the oil is a cause in disguise !!! With it's discovery,our leaders shunned other areas of economic development,and relied solely on crude export for revenue.
Posted: at 12-02-2012 06:01 AM (12 years ago) | Gistmaniac
aso4life1 at 12-02-2012 06:35 AM (12 years ago) (m)
make he dry so that we can tap other talents....its in my prayers that the oil should dry for just 6 months, so that we can use our raw resources wisely... agriculture is suffering,science and all
if u attack my papa house, I'll retaliate but if you are peace loving,I will embrace you
Posted: at 12-02-2012 06:35 AM (12 years ago) | Hero
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