Onshore fields contain 75% of Nigeria�s crude oil reserves �SPE
Michael Faloseyi, Abuja
The Nigerian Society of Petroleum Engineers has said that the Nigerian onshore crude oil fields would continue to be relevant in terms of exploration and production activities despite the break through in the offshore fields.
Speaking in an interview with our correspondent, President of the SPE, Mr. Alek Musa, said that the onshore fields contain 75 per cent of the country�s reserves while the offshore, with its world class oil fields, contain 25 per cent of the country�s reserves.
Nigeria�s reserve was estimated at 33 billion as at December 2003 and was projected to notch for 37 billion by the year 2007.
The SPE boss, however, said the continued exploration and production in the onshore would pose challenges in terms of achieving peace in the host communities as well as in the application of integrated technologies that could enhance recovery.
He said that Nigeria with its recent foray in the offshore could be the hub of activities in the Gulf of Guinea that had continued to attract the attention of the major crude oil exploration and production companies in the world.
He, however, warned on the possibilities of Nigeria missing the Gulf�s reserves to other countries in the region except the government acted fast to put in place policies that aid the country as the host of crude oil exploration and production.
He said, Nigeria should naturally be the hub of activities in the industry for the region because it has the second largest reserve of gas on the continent and it is about the largest exporter of crude oil
He said the onshore oil fields could not be abandoned because it currently hold most of the reserves and that what were yet to be discovered through oil exploration were far less than what had been discovered in the onshore.
According to him, oil exploration activities had seen its glorious days, saying no matter how tensed the atmosphere might be in the Niger Delta most oil companies would still be ready to do business in the area.
He, however, warned the government on the need to create the right atmosphere that would attract investors and operators to the region so that Nigeria�s potentials as the foremost oil and gas producer in the Gulf of Guinea could be realised.
Increase oil and gas exploration and production in Nigeria would expand industries or sectors of the economy such as the maritime and shipping, aviation and bank.
