Chambers Oyibo; NAPE boss, Dr. Mayowa Afe and Dr. Emmanuel Egbogah at the opening of
Abuja chapter of NAPE
113.4 billion barrels of oil undiscovered yet –Egbogah
By Stanley Opara, JUNE 11, 2012
About 113.4 billion barrels of crude oil or equivalent of 60 per cent of the country’s current reserve figure of 189 billion barrels have not been discovered.
The former Special Adviser to the President on Petroleum Matters, Dr. Emmanuel Egbogah, said this during a lecture to mark the inauguration of the Abuja chapter of the National Association of Petroleum Explorationists, according to a statement made available to our correspondent by NAPE on Sunday.
He said, “Many exploration experts believe that for every five barrels of oil already discovered to date throughout the world, some three more barrels have yet (that is, remain) to be discovered in currently producing fields, as well as the deep seas, the Arctic and the Amazon Basin.“This expectation can be extrapolated to many largely unexplored areas of the Niger Delta and inland/frontier basins of Nigeria.”
He said the potential of the undiscovered oil was highly dependent on a broad spectrum of economic, technological and policy constraints, which required the concerted attention of both industry and national policy makers in order to realise and maximise the benefits of the resources for the good of the country.
Egbogah, who is currently the Chairman, Emerald Energy Resources Limited, said, “We must understand that reserves and changes in reserves shape the public’s perception of the industry. The magnitude of the remaining reserves drives predictions of future energy supply both within national borders and globally.
“It, among other things, affects recruiting, investment in a wide range of energy alternatives, and government policies. Therefore, we must do whatever is necessary to secure it.”
According to him, it is obvious that the country has significant quantities of hydrocarbon, of which more have not been discovered in the Niger Delta, inland basins and deep offshore.
“Thus, about 60 per cent of the discovered 189 billion barrels of oil resources in Nigeria are yet to be discovered,” he said. Egbogah said the application of new technologies such as Maximum Reservoir Contact using multilateral wells with smart well down-hole flow control systems and intelligent fields would increase recovery from ageing fields.
“Digital Oilfield Concepts for discovery of higher levels of automation and integration technology is replacing experienced labour by necessity and not design, as ageing employees retire with valuable engineering skills,” he said. The future of the oil and gas industry in the country, he stressed, was heavily linked to the future of the nation, adding that host community empowerment was the key to access of future exploration and development opportunities in the Niger Delta.
“The industry must work with these communities for the realisation of our common dream – the economic wellbeing of our people,” Egbogah said. Confirming the likelihood of more discoveries to our correspondent, the Managing Director, Conoil Plc, Dr. Ebi Omatsola, said the country had crude oil reserves that would last for decades, noting that what was expected of stakeholders was to maximise the opportunities and put into consideration the future of the nation and its people.
In the same vein, the President, NAPE, Dr. Mayowa Afe, said there were huge exploration opportunities in the country, which made the association to continue its campaign for more investments in oil exploration. According to him, the passage of the Petroleum Industry Bill will provide the enabling environment for the anticipated investments.