Oil and gas sector’s stakeholders will address the dearth of new exploration investments at a roundtable on petroleum exploration and development organised by the O. B. Lulu Briggs Chair for Petroleum Geosciences, University of Port Harcourt.
A statement on Wednesday said the roundtable, sponsored by an indigenous E&P operator, Moni Pulo, would focus on two main areas currently affecting the Nigerian petroleum industry negatively: the absence of new investments in exploration, which has led to no new fields being discovered; and crude oil theft and pipeline vandalism.
According to the statement, some of the speakers expected to dissect the issues are the Director, Department of Petroleum Resources, Mr. George Osahon; African Union Peace Ambassador to the Sudan and South Sudan and former Special Adviser to the President, Dr. Emmanuel Egbogah; and Mr. Paul Michael Wihbey of GWEST LLC Washington DC.
Others are Prof. Omowumi Iledare of Louisiana State University Baton Rouge, United States; the Managing Director, Weltek Limited, Mr. Pedro Egbe; Shell/Aret Adams Chair for Petroleum Engineering, University of Port Harcourt, Prof. Adewale Dosunmu; and the Director, Centre for Refining and Petrochemicals at the Institute of Petroleum Studies, University of Port Harcourt, Prof. Goddy Igwe.
As of June 2013, oil theft in the Niger Delta had reached 400,000 barrels per day, more than the national production of many oil-producing countries.
The huge revenues flowing from the illegal trade, according to the statement, has emboldened international syndicates with well-organised supply and distribution networks, which push the exploration and production operators to the wall.
The statement said, “While the IOCs are bleeding heavily and may soon reach the limit of their tolerance of the situation, many of the small independent producers have been knocked out completely with some not producing a drop of oil for a long time. Recent estimates show that as much as 20 per cent of the production of the independents goes to the oil thieves, an intolerable level of losses for them, given the high cost of borrowing for them.”
-@Punch
© anu for Royal Times of Nigeria Newspaper, 2013. |
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