--> Abstract: Future Potential of Nigeria, by W. F. Dublin-Green; #90933 (1998).

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Abstract: Future Potential of Nigeria

Dublin-Green, W. F. - Ministry of Petroleum Resources, Nigeria

Since the first oil discovery in Oloibiri Field (Oloibiri-1) by Shell BP in 1956, the potential of Nigeria as an oil and gas producing country has continued to increase substantially. Today, the nation has more than 25 billion barrels of oil reserve with producibility of more than 2.3 million barrels of oil per day. She also has abundant gas reserves estimated at about 120 trillion cubic feet, thus ranking ninth in the world gas reserve.

This paper brings to focus the tremendous amount of oil and gas reserves in the Niger Delta, situated within the Gulf of Guinea, in the South Atlantic Ocean. It also highlights how a growing preference for 3-D seismic data acquisition, over 2-D, has ultimately enhanced reserves addition, while the potentials still locked up within the Niger Delta and the frontier areas classified as the Deep Offshore in particular, and the inland basins in general, will be scooped through the use of new technology in seismic and drilling.

The goal of Nigeria to increase her reserve base to 30 billion barrels of oil is sure to be realized at the turn of the century through increased activities of multinationals and indigenous companies. This underscores the prevailing conducive fiscal regime and contractual agreements in operation.

The government is increasingly responding to pressure for liberalization and deregulation of the controlled energy market to attract foreign investors. When coupled with the NLG gas project on course, the resultant effect will be increased gas utilization and revenue for the nation.

In recognition of the vast investment demand of the frontier areas, the companies have formed working teams to share the technical experience, operational risks and financial burdens usually associated with such domains. Complementarily, the regulatory body of the government has continued and still continues to approach the government for necessary legal backings and modifications in the relevant laws to take care of early development and production as well as solicit for further incentives that will encourage more investors to tap the ultra-deep offshore fringe of the Niger Delta.

When the abundant petroleum within the already proved basins and frontier areas is exploited under the current favorable fiscal regime, Nigeria is bound to rank among the forefront of oil producers in the world. Even when the attention swings ultimately to gas as the main energy source, the position of the nation will only be more enhanced since she has tremendous gas reserves to meet the challenges of such future demands. From the foregoing, the future petroleum potential of Nigeria cannot be overemphasized.

AAPG Search and Discovery Article #90933©1998 ABGP/AAPG International Conference and Exhibition, Rio de Janeiro, Brazil