The Nigerian Association of Petroleum Explorationists, NAPE, has said that oil and gas will continue to be the global preferred fuel in the next couple of decades and that Nigeria as a mono economy has no choice but to explore more frontier basins to boost reserves.
NAPE said the country cannot afford to scale down efforts in exploring huge hydrocarbon potentials spread across various frontiers given its current mono economic structure
Addressing the media yesterday ahead of its 38th Annual International Conference and Exhibition, AICE, which is perhaps the largest gathering of earth scientists and other stakeholders in the oil and gas space in Sub Saharan Africa, taking place in Lagos, it’s president Alex Tarka said the growing population of the country is also expected to swell its energy demand and as such more discoveries are required to satisfy future energy demand.
Tarka informed that the theme of the conference, “Accelerating Growth in Nigeria’s Hydrocarbon Reserves: Emerging Concepts, Challenges and Opportunities” is challenging industry operators to deploy more energy and investment in the sector.
According to him, Nigeria is at risk of long-term disruption to oil and gas supplies, power generation, a collapse of industries and significant loss of revenue due to continued reduction in hydrocarbon exploration activities.
Therefore, a reduction in hydrocarbon exploration and exploitation has dire consequences for a country like Nigeria with a mono-economy hinged on crude oil, cautioned Tarka.
He said oil and gas will continue to be fuels of choice for the foreseeable future and conventional and unconventional hydrocarbons are likely to remain the main component of the energy mix needed to meet the growing global energy demand in the next five decades.
In the coming period, he continued, technological innovations will be critical not only in ensuring the supply of affordable hydrocarbons, but in mitigating the environmental impact of hydrocarbon exploration, production and utilization.
“Technology is the heart of all the significant achievements in the oil and gas industry.
The way hydrocarbon is discovered, developed and produced, has been impacted by evolutionary technologies that have emerged since the Drake well of 1859.
But the challenge is how far Nigeria has travelled down the technology road.” he stressed.
“It is against the backdrop of the foregoing that the Nigerian Association of Petroleum Explorationists (NAPE) will at its 38th Annual International Conference & Exhibition be deliberating on the petroleum business and the regulatory environment with a view to addressing the challenges of exploration and production in the onshore, offshore and Nigeria’s frontier basins, as well as government and regulatory agencies’ support and funding, Cash Call Exit and incentives , new fiscal regimes, PIB, NIPEX operations, Licensing rounds, refining capacity mid-stream infrastructure and the domestic gas market
“The Conference will also be beaming its searchlight on new technology application in exploration and production using big data, digitalization, data analytics, artificial intelligence opportunities, etc. Participants at the Conference will also be discussing the impact of renewable and unconventional energy resources in the oil and gas industry as well grooming the next generation of E&P professionals.” he said.