Nigeria’s untapped oil assets hit 1trn barrels

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The untapped oil assets in Nigeria have hit the all-time high of one trillion barrels.   A major oil acreage concessionaire, Total, which on Monday, declared this at pre-conference workshop of the Nigerian Association of Petroleum Explorarionists (NAPE) in Lagos, tasked the government to create enabling policies as well as deploy more technological innovation in order to bring to bear the untapped oil assets on the country’s economy.   Deputy Managing director, Deepwater District, Total Exploration and Production, Ahmadu-Kida Musa, who said this, emphasized the need for Nigeria not to rest on its oars in the search for more oil in its frontiers.   He also emphasized the need for the nation’s oil industry to encourage digital application in the deep offshore assets, saying that the development would cut capital expenditure by 20 per cent.   He said his company is committed to sustainable strategy to create enduring environment in the nation’s oil and gas sector.   He also said Total would continually deploy technology and innovation in its deep offshore operations with a view to deepen its presence in the oil and gas sector.   Speaking, Nigeria Country Manager, Google, Juliet Ehimyan-Chiazor, said that the use of digital application could increase the country’s oil production by more than eight per cent annually.   In his remarks, President of NAPE, Ajibola Oyebamiji, said that the oil and gas industry has witnessed rapid technology advancement in recent years, while new technologies are providing different and undefined opportunities for producing unconventional oil and gas in different regions of the world.   He said: “With the era of cheap-to-discover oil and gas gradually coming to an end, new digital technologies are coming on board aiding the imaging and discovery of new oil and gas fields that were hitherto undiscoverable while reservoirs at deeper depths concealed under thick layers of shakes that were previously undrillable due to high temperatures and pressures have become accessible through improved drilling technologies in complex structural and stratigraphic traps.   “Technological change, in turn, is the main driver of the global trend in oil and gas industry and is of particular importance for government, policymakers and all stakeholders to have the necessary knowledge of how such technological changes can be deployed and sustained in developing countries (Nigeria inclusive).”   According to him, the development of relevant technologies suited to the Nigerian market should be a key driver in guaranteeing energy security and diversification, thereby boosting Nigeria’s industrial development.   Meanwhile, the expectations that the Organisation of Petroleum Exporting Countries (OPEC) would extend production cuts supported oil prices yesterday, helping them hold on to last week’s gains.   Brent crude futures LCOc1, which rose 1.3 per cent last week, were little changed, trading at above $63 per barrel at 1100 GMT.   West Texas Intermediate (WTI) crude CLc1 was also flat at $57.7 a barrel, having gained 0.8 per cent last week.   This was also buoyed by the hopes for a trade deal between the United States and China.