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About four billion reserves of crude oil are yet to be developed because of lack of favourable fiscal regime, a situation that has made many investors turn their back against Nigeria.
There has not been explorations in the country in the last 15 to 18 years because of this same issue of inappropriate fiscal regime
Deeply worried by this situation Nigerian Association Petroleum Explorationists (NAPE) has advocated for speedy passage of the Petroleum Industry Bill (PIB) which it says would bring an end to investment drought the industry is currently experiencing.
Alex Tarka, president of the association while speaking on the forthcoming conference and exhibition of the association said he hope the PIB would bring something good by making the fiscals clearer for investors to know where they are going from the very first day it is passed into law.
He said there are significant undiscovered reserves in the Niger Delta basin but this can only be turned into economic fortune if the PIB comes with favourable fiscal regime.
Also speaking, Patricia ochugbu, president elect, stated that the earlier the government resolve the issue of PIB the better for everybody.
She advised that people should look at the PIB with apprehension as believes it would come out fine.
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, 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.
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. Reduction in hydrocarbon exploration and exploitation has dire consequences for a country like economy hinged on crude oil
Nigeria with a mono- 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.
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. 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.
