Explorationists (NAPE) says the country has the
capacity to meet the 40 billion barrels oil
reserves as projected by the Federal
Government.
The President of the association, Mr George
Osahon, said while briefing newsmen on the
association's 31st Annual International
Conference scheduled for between Nov. 10 and
Nov. 14 in Lagos.
Osahon, who is also the Director, Department
of Petroleum Resources (DPR), said that
Federal Government had targeted 40 billion
barrels reserves and four million barrels per
day production by the year 2020. According to
him, the Nigerian oil and gas industry is
currently experiencing declining reserves owing
to reduced exploration, a situation that has
caused much concern. Osahon said
that successful exploration and development of
new oil fields would require the use of novel
integrated technologies.
He said that the association would at its 31st
Annual International Conference and Exhibition
examine critically the Nigerian oil and gas
industry.
Osahon said that government was committed in
meeting the 40 billion barrel oil reserve target,
but decried the rate of crude oil theft and
pipeline vandalism in the country.
He said as a country, it was in the best interest
of the government to increase production.
"It is for all of us as stakeholders to work
together, minimise the distraction and face the
business of boosting the reserves production
to 40 billion barrels."
Osahon said that exploration successes in other
African countries had put pressure on Nigeria
as a competing destination for oil and gas
investments.
He stressed the urgent need to examine the
effectiveness of existing policies to drive
growth in the oil and gas industry as well as
the development of road maps and new policy
initiatives.
Osahon said the association was committed to
providing other learning opportunities,
including short courses and field trips to the
carbonate sedimentation areas in the Eastern
Dahomey Basin in South West Nigeria.
On the Petroleum Industry Bill (PIB), the DPR
director said the association would continue to
advice government on the need to pass the bill
into law.
"Stakeholders believe that as exploration and
production experts in the oil and gas industry,
NAPE should have made greater impact to
ensure the passage of the bill into law. The
only thing the body can do is to advice and
can not force the government to do what they
have to do.'' He said that the National
Assembly had the responsibility of either
passing or rejecting the bill.
Osahon, however, said that what stakeholders
should do was to make representations to the
National Assembly in form of memoranda on
the bill, adding that the association had
already done so.
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