29-04-03 The federal government of Nigeria plans to raise crude oil reserves base and producibility from 30 bn barrels to 40 bn barrels and 4 mm bpd of oil, respectively by the year 2010. The Director of Department of Petroleum Resources (DPR), Mr Macaulay Ofurhie, told that the government would open up other frontier basins in the deep and ultra-deep offshore of the Niger Delta.
He said that it was the aspiration of the government to ensure that all gas associated with production was utilised so as to maintain zero flaring by the year 2008. Ofurhie disclosed that entrepreneurs and utility companies would be encouraged to participate in the distribution phase of the domestic gas industry and establish the necessary framework to govern the activities of the industry in its efforts to supply gas to industrial, commercial and residential users.

He assured that the federal government would put in place an appropriate mechanism which would encourage indigenous participation in the upstream sector of the industry.
Speaking on the increase in reserves and productivity, Ofurhie said: "I am happy to inform you that our reserves position during the first quarter of 2003 stood at 34 bn barrels and our reducibility is about 2.5 mm bpd. "However, due to OPEC quota restrictions we are producing less than our technical capability," he said.

According to him, in order to achieve the above objectives of government, the DPR has continued to encourage the development of exploration activities in the country. He disclosed that the oil industry witnessed an aggressive exploration campaign acquisition of 857,012 of 3-D seismic data in the first quarter of this year.
"Following the aggressive exploration campaign in the deep offshore, a series of world class discoveries have been made; these include, Abo, Bonga, Bonga south-west, Bosi, Chota, Ukpota and Boila etc.," he said. "In addition to the above successes, several wells were drilled during the first quarter of the year. Drilling activities were carried out at Bonga (SNEPCO), EA (SPDC) and ABO (NAE)," he added.