…Targets 50 Billion Oil Reserve For Nigeria
The Department of Petroleum Resources, DPR, is setting a huge oil reserve target for Nigeria and intend to achieve this by prompting operators to scale up investments in the sector.
For those who match its target, the DPR will extend reward under the recently introduced Maximum Economic Recovery, MER.
The MER aims at growing Nigeria’s oil reserves from 36.91 billion barrels to 50 billion barrels in the short to medium term.
Director and Chief Executive Officer of the Agency, Sarki Auwalu, said the DPR will unveil an annual awards for companies, projects or individuals who have added value to the Nigerian terrain through improved and enhanced recovery of the country’s oil and gas resources.
Auwalu, who stated this at a workshop with industry partners, exploration and production companies, service companies as well as oil and gas professional bodies, added that under the MER strategies, the Federal Government was also targeting increasing Nigeria’s proven gas reserves from 206.53 trillion cubic feet, TCF, to 250 TCF.
He noted that the objective of MER was to maximise the expected net value of economically recoverable petroleum from Nigeria’s acreages, adding that significant potential and value still exist in the Nigerian acreages.
He explained that effective implementation of the MER strategies would deliver greater value overall to all stakeholders.
“DPR will work closely with industry to deliver MER through collaborations, communication, cooperation and coordination,” he added.
Auwalu further explained that the ‘Improved Oil Recovery/Enhanced Oil Recovery Awards’ were part of deliberate engagements with industry partners by the regulatory agency to achieve the Maximum Economic Recovery, MER, Strategies for Nigeria.
According to him, companies, individuals, fields, research institutions and technologies are eligible for the IOR/EOR awards.
He said: “The criteria for the awards include the implementation of new technology or established technology applied in a new way and smarter work methods and processes.
“Others are willingness to take risks and outstanding researches. Key performance metrics are Discovered Recoverable Resources, Cost Efficiency, Investment Value, Implementation Cycle, Production Efficiency and Decommissioning Cost Savings.”
He noted that the industry initiative was one of the outcomes of the work of the National Oil and Gas Excellence Centre, NOGEC, Lagos, inaugurated in January by President Muhammadu Buhari.