ABUJA—The Nigerian National Petroleum Corporation, NNPC, yesterday,
painted a gloomy outlook for Nigeria’s economic fortunes, as it disclosed
that the country’s crude oil and gas reserves were fast depleting.
The NNPC in a statement in Abuja, therefore, begged oil and gas
exploration companies, professionals and other stakeholders to focus on
increasing the nation’s oil and gas reserve base to match national
aspirations to increase oil production.
Group Managing Director of
the NNPC, Mr. Maikanti Baru,
who disclosed this when the
Nigerian Association of
Petroleum Explorationists,
NAPE, hosted him in Abuja,
also expressed readiness of
the NNPC to partner with
stakeholders in the oil and
gas industry to grow the
nation’s fast depleting
reserves in order to increase
productivity in the petroleum
sector.
He said: “Our national gas
demand forecast to year
2020, domestic plus export,
indicates a rapid growth to 15 billion Standard Cubic Feet per day (bscfd),
meaning current reserves level can only sustain that production for 35
years, if we do not increase the 2bscfd gas reserves base which require
three trillion cubic feet (tcf) to replace production yearly.”
It was also revealed that the country’s drive for industrialization risks
being truncated, as Baru stated that the country’s aspirations were to
increase oil production to four million barrels per day and meet gas
demand of 15 billion standard cubic feet per day, bscfd, by 2020, required
for industrialization and consumption.
He further lamented that less than three per cent of all oil wells drilled in
the Niger Delta Basin, both onshore and swamp, were deeper than 15,000
feet, adding that a greater number of these wells had not gone beyond the
10,000 feet as a high pressure regime seemed to be a limiting factor.
However, he stated that “some of our earlier drilled non-commercial holes
could be turned around if we deploy requisite technologies; we need to
change our perspective of risk as technology is advancing.”
Baru further explained that the 2016 national average oil production of 1.9
million barrels was low, partly due to oil infrastructure vandalism.
He stressed the need for stakeholders to share data and use common
available resources to reduce cost of operations in the area of rig-sharing,
vessel sharing and synergy in projects development, adding that this had
become even expedient in this era of low oil prices and security
challenges.
On frontier exploration, Baru said the NNPC was progressing in exploration
efforts in the Chad Basin, the Benue trough and other frontier basins to
shore up the reserve base of the country.
In his own presentation, NAPE President, Mr. Nosa Omorodion, said the
association was ready to support NNPC in its drive to grow reserves
towards increased production in all the frontier basins.

http://www.vanguardngr.com/2016/10/recession-nigerias-oil-gas-reserves-running-nnpc-warns/

Noted.

Bad news from this govt

Buhari is so unlucky?

He has good intentions but yeah in government when you wanna attack corruption it's gonna take its tole on the people, Buhari knows this but he continues because it's a sacrifice for a better country. I wish people will know this.