FG’s 40bn barrel oil reserves target is achievable, says NAPE

The insinuations that the Nigerian Oil and Gas Industry may be in for the worst may after all not be true as the Nigerian Association of Petroleum Explorationists (NAPE) has said that the country has the capacity to meet the 40 billion barrels reserves as projected by the government.

The Federal Government had targeted 40billion barrels reserves and 4 million barrels per day production by the year 2010 however this target has failed to materialise. Currently, the Nigerian oil and gas industry is experiencing declining reserves owing to reduced exploration a situation that has left much in doubt.

Speaking on the forth coming Annual International Conference of NAPE in Lagos, George Osahon, the president of the Association, who is also the director, Department of Petroleum Resources (DPR) said the government is committed to meeting this target but decried the spate of crude oil theft and pipeline vandalisation.

The NAPE boss said that it has been stated that successful exploration and development will require the use of novel integrated technologies, adding that the association will at its 31st Annual International Conference and Exhibition examine the Nigerian oil and gas industry.

He said as a country, it is 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 40billion barrels,” Osahon said, assuring that some measures are being put in place as an industry to advance production.

He agreed that exploration successes in other African countries had put pressure on Nigeria as a competing destination for oil and gas investments. He also noted that successful exploration and development of new players would require the use of novel integrated technologies, some of which he added have been instrumental in shoring up the profitability of small fields with low estimates.

Osahon therefore 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.

Examining the Nigerian oil and gas industry and evolving technologies from the exploration and development of new players as effective tools in reducing technical risks, he said this must be given adequate priority.

On the Petroleum Industry Bill (PIB), the DPR director said the association would continue to advise the government on the implementation of policies and signing 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. Osahon said the only thing the body can do is to advise and cannot force the government to do what they have to do.

According to him, said the National Assembly has the responsibility of either passing or rejecting or modifying the bill as the case may be. However, what stakeholders should do is to make representations to the National Assembly in form of memoranda when they call for public hearing which he said the association has done.

“In our own opinion, irrespective of what people might be saying about the PIB constituting a clog in the wheel of progress in the industry, we do not believe that that is the case. It is better if it is passed so that the waiting game will end.