Nigeria’s oil discoveries exceed 3 bn barrels in last ten years

May 31, 2005 02:00 AM

Nigeria has discovered over 3 bn barrels of crude oil and about 16.2 tn cf of gas in her deep offshore territories in the last ten years. The figure, according to the acting Director of Department of Petroleum Resources (DPR), Mr Billy Agha, is part of the reserves profiles of some seven world class discoveries in the deepwater basin.
Mr Agha who said the nation was progressing towards a target reserves build up of 40 bn barrels by 2010 added that the aspiration was realisable given the nation's oil reserve growth history from a zero case in 1956 to about 35.254 bn barrels in 2005. He made it clear that by-passed, marginized and unappraised reserves would yield great additions when world class technology are applied to optimise their potentials.

Speaking on the upcoming bid round in which government plans to lease out about 61 oil field concessions for intensive oil and gas exploration, Mr Agha said Nigeria's sedimentary basins have indicated structures and other parameters necessary for hydrocarbon accumulation.
Focusing on the deep offshore, he said there are potentials for enormous oil and gas accumulation in the area, pointing at seven huge oil and gas field discovered so far. He listed the big seven as Bonga, Agbami, Eha, Akpo, Bonga SW, Chota and Nwa/Doro.

The DPR boss stated that the federal government has floated generous fiscal incentive, regimes and contractual agreements for wide range of investments in further exploration of the nation's sedimentary basins for oil and gas accumulations.
Nigeria currently pumps about 2.6 mm barrels of oil per day from her 35.258 bn barrels reserves spread across four terrains in the ratio of 22 % on land, 32 % in swamp and shallow offshore respectively, and 14 % in deep offshore. Government, in April, announced a new licensing round for 61 open blocks in 6 sedimentary basins including 9 in Anambra Basin, 16 in Benue Trough, 12 in Chad Basin, 6 on shore and Continental Shelf of Nigeria Delta each, and 12 in the Deep offshore. The bid round, Mr Agha said, will fast track realisation of the action's reserves goals.

Source: Daily Champion
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