Nigeria Needs Reserve Boost

Monday, October 24, 2016

Group managing director of Nigeria’s state-run oil and gas firm NNPC, Maikanti Kacalla Baru, told members of the Nigerian Association of Petroleum Explorationists (NAPE) that the nation’s oil and gas reserves must be increased. Baru said that the country’s estimated 35 billion barrels of reserves would only last about 40 years and its gas reserves of 187 Tcf would last for 65 years.

These figures are based on the current demand, both domestic and export, but with Nigeria’s rapid growth it is unlikely that its current reserve base will sustain it for that period of time. In light of its need to increase reserves, NNPC was directed by Baru to resume exploration activities in Nigeria’s inland basins, including the Chad Basin and the Benue Trough.

Neighboring Chad and Niger have both had success in their respective portions of the Chad Basin and Nigeria’s portion of the basin share geological similarities with its neighbors. NNPC has already awarded a contract for a seismic data acquisition of over 500sqkm 3D seismic data to Integrated Data Service Ltd. (IDSL), a subsidiary of NNPC, and Bureau for Geophysical Prospecting, a subsidiary of China National Petroleum Corporation (BGP/CNPC). Both companies are mobilizing to commence work in the affected areas. “We are confident that these efforts will lead to clearer definition of the prospectivity of the basin,” Baru said.

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