Nigeria: 40bbls Oil Reserve By 2010 Not Feasible, Says NNPC

Chemical News: Nigeria: 40bbls Oil Reserve By 2010 Not Feasible, Says NNPC

https://www.chemnet.com Aug 08,2007 allAfrica
The Nigerian National Petroleum Corporation (NNPC) has said the targeted 40 billion barrels (bbls) oil reserve by 2010 is no longer attainable.
Group Managing Director, (GMD) of the corporation, Engr. Funsho Kupolokun, argued that enormous energy requirements are needed to achieve the set target as the reserve addition and replacement ratio need to increase by 200 per cent or 800 million barrels per day within the three years.

Kupolokun spoke on the challenges confronting the oil industry at the 31st Annual Conference and Exhibition of the Society for Petroleum Engineers (SPE) in Abuja.

He listed the rising cost of production, funding challenge, and the Niger Delta crisis which culminates in asset destruction and production shortage as some of the issues militating against the set target.

[...]

He stated that notwithstanding the increasing tension and uncertainties in the oil producing nations, the world was looking to Nigeria and the Gulf of Guinea as a major alternative for oil supplies.

"We must not lose sight of the fact that crude is a depleting resource. Our greatest challenge therefore is to increase the reserve and production level to meet both local and global demand," he said.
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