The Society of Petroleum Engineers has revealed that despite the huge exploration potential and the presence of major IOCs as well as local players in Nigeria, there has been no significant exploration effort in the past decade.

Speaking at the NAPE Annual Conference & Exhibition 2020 with the theme: Accelerating Growth in Nigeria’s Hydrocarbon Reserves: Emerging Concepts, Challenges & Opportunities, the SPE Chairman and Executive General Manager, Geo Sciences and Reservoir (GSR), Total E&P, Nigeria, Engr. Olatunji Akinwunmi, said the efforts and the achievements of exploration in the oil and gas sector are not at all aligned with the enormous potential.

Akinwunmi stressed that to make matters worse there are several apparently stranded but potentially cash-accretive major discoveries in the deep water with no immediate development strategy in sight, also limiting the capacity of operating companies to fund future building exploration activities.

The SPE boss said access to new acreage as well as attractive governance and fiscal terms are some of the key enablers to unlock enormous potential, as this is an area where cooperation between the industry, government and key government agencies is essential to formulate and implement policies that would enhance the value creation of their industrial activities from exploration, through development and production to field abandonment.

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Source: SweetCrudeReports