Nigeria's oil reserve stagnant for 11 years- DPR

2012-03-11
THE PUNCH Newspaper- Stanley Opara


Nigeria’s oil reserve has remained stagnant for over 11 years, the Director, Department of Petroleum Resources, Mr. Osten Olorunsola, has said.

The country’s reserves as at January 1, 2011 were 31.219 billion barrels for oil; 5.314 billion barrels for condensate; 92.6 trillion cubic feet for associated gas and 89.7 TCF for non-associated gas (182.3 TCF total reserves for gas).

With brent selling at $125 per barrel as at Friday, Nigeria’s oil reserve alone is worth over $3.9tn.

Addressing journalists in Lagos, the DPR boss said that the oil reserves were not depleting because new studies as well as contemporary technologies were largely boosting petroleum exploration in the country.

A statement on Friday quoted the DPR boss as saying that seven seismic acquisition permits were granted by the department, resulting in the acquisition a total of 2,158.510sqkm of 3D, and 293.160km 2D of seismic data was acquired within the operational year of 2011.

According to him, 38 rig licences were issued, leading to the drilling of three exploratory and 93 development wells in 2011, which contributed to an incremental production of 120 KBD of crude oil in 2011.

DPR, Olorunsola noted, also enhanced the regulatory processes of unitisation /joint development of straddle reservoirs/fields in the same year.

For downstream halve, he said one licence was granted to a private company to operate a 1,000 barrel per day diesel extraction plant and six licences for various refinery project activities were issued at various stages of development.

“Revised refinery establishment guidelines were adopted in the year under review; the revised guideline will greatly improve the regulatory turn-around time for all refinery licence approval processes,” he noted, adding that DPR commenced the implementation of trucking policy last year.

Three hundred and nine import permits were granted, compared to 245 permits the preceding year.

“We commenced the enforcement of lubricant industry sanitisation measures; three terminals were established namely: Ebok FSO Oriental Energy Limited, Tulja FSO (Sterling Oil Limited) and Usan FPSO by Total,” he said.

For gas, Olorunsola said the department had promoted the policy of deep drilling in the Niger Delta for growth on reserves, and had continued to effectively administer domestic gas supply obligation while actively monitoring all activities in the gas sector of the country.

 

Your comment

 

(E-mail)

 

 

 

News Archive