Fedral Government plans to meet 40bn barrels oil reserves by 2020.

   
 Fedral Government plans to meet 40bn barrels oil reserves by 2020.
The President of the Nigerian Association of Petroleum Explorationists (NAPE) made it known to the public that nigeria has the capacity to meet the 40 billion barrels oil reserves as projected by the Federal Government.

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 fedral 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 fedral 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 fedral 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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