{"id":2812,"date":"2011-11-30T05:02:36","date_gmt":"2011-11-30T05:02:36","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/11\/nigeria%e2%80%99s-crude-oil-to-dry-up-in-37-years-except%e2%80%a6\/"},"modified":"2011-11-30T05:02:36","modified_gmt":"2011-11-30T05:02:36","slug":"nigerias-crude-oil-to-dry-up-in-37-years-except","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/11\/30\/nigerias-crude-oil-to-dry-up-in-37-years-except\/","title":{"rendered":"Nigeria\u2019s crude oil to dry up in 37 years, except\u2026"},"content":{"rendered":"
\n

By Yemie Adeoye
LAGOS \u2014 EXCEPT the Federal Government urgently creates aggressive policies of hydrocarbon reserves replacement, geologists and other stakeholders in the oil sector have raised an alarm that the nation\u2019s crude oil reserve would be totally depleted in the next 37 years precisely by 2048.<\/p>\n

Stakeholders are currently worried that with a production output of 2.5 million barrels of oil equivalent per day, Nigeria currently depletes about 1 billion barrels of crude oil annually from its 37.2 billion barrels of hydrocarbon reserves.<\/p>\n

This was the position of Mr. Guy Maurice, Managing Director of Total Upstream Companies in Nigeria, at the opening of the 29th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists, in Lagos, yesterday.<\/p>\n

According to him, policies must be put in place for industry to gain a lot of time in the contracting cycle, especially by drastically shortening and reducing the time to access rigs for exploration in the Nigerian waters, \u201cthe country should make reserves replacement a priority.<\/p>\n

\u201cIf we take a critical look at perspectives for growing reserves in the next decade, the answer is exploration, exploration and more explorations to run parallel to development projects, which are also becoming more and more expensive to execute, due to slippages in complex contractual environment, couple with security challenges.\u201d<\/p>\n

Several stakeholders and operators in the nation\u2019s oil and gas sector have lamented the highly noticeable absence of the Federal Government, especially the Minister of Petroleum Resources, Mrs Diezani Allison-Madueke and the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Austen Oniwon from the opening ceremony.<\/p>\n

The conference which had the theme \u201cPerspectives on Growing Hydrocarbon Reserves in the Next Decade\u201d is one of the annual major conferences and exhibition in the oil and gas industry.<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

See original article:
\nNigeria\u2019s crude oil to dry up in 37 years, except\u2026<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Yemie Adeoye LAGOS \u2014 EXCEPT the Federal Government urgently creates aggressive policies of hydrocarbon reserves replacement, geologists and other stakeholders in the oil sector have raised an alarm that the nation\u2019s crude oil reserve would be totally depleted in the next 37 years precisely by 2048. Stakeholders are currently worried that with a production output of 2.5 million barrels of oil equivalent per day, Nigeria currently depletes about 1 billion barrels of crude oil annually from its 37.2 billion barrels of hydrocarbon reserves. This was the position of Mr. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2812","post","type-post","status-publish","format-standard"],"yoast_head":"\nNigeria\u2019s crude oil to dry up in 37 years, except\u2026 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/11\/30\/nigerias-crude-oil-to-dry-up-in-37-years-except\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Nigeria\u2019s crude oil to dry up in 37 years, except\u2026 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Yemie Adeoye LAGOS \u2014 EXCEPT the Federal Government urgently creates aggressive policies of hydrocarbon reserves replacement, geologists and other stakeholders in the oil sector have raised an alarm that the nation\u2019s crude oil reserve would be totally depleted in the next 37 years precisely by 2048. 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