Accra
(Ghana), March 17, 2015 – With more than 4,200 oil and gas
blocks identified, Africa
is the last true oil and gas frontier. About half of these blocks are open,
subject to force majeure. More than 80% of the 1,300 blocks in North Africa are
licensed, while in sub-Saharan Africa, it is estimated that only about 30% of
2,900 blocks are licensed. In the sub-Saharan regions, it is evident that many
new opportunities still exist, especially for the exploration and production
(E&P) companies that are willing to take risks.
In
realization of these inherent opportunities in the sub - region, the maiden
edition of the Sub-Sahara Africa Upstream Oil & Gas Summit & Exhibition
has been scheduled to hold in Accra, Ghana from 1st - 3rd April 2015 with theme
“Unlocking Potentials in sub-Sahara Africa Upstream Oil & Gas”. The summit
is organized by Zenith Professional Training (ZPT), a firm with several years’
of building oil and gas capacity through industry specialized training.
The
Summit and exhibition, in its maiden edition is aimed at bringing to the fore
the intricacies of the oil and gas sector, the potentials of the industry and
the sizable share of global reserves and resources deposited in Nigeria, Ghana
and other oil-producing countries in the Sub-Saharan African region.
Issues
to be discussed range from cross-border matters, particularly for stakeholder
licenses, financial instruments for marginal fields, local content drive, to
security and safety in extractive industries and sustainable management of
resources. Beyond discussions, the event affords participants the opportunity
to showcase their
organization’s brand and products, launch company’s new products and services,
increase product awareness across the Sub-Saharan African region, face to face
contact with potential clients and clients’ customers as well as networking
with key decision makers.
It
is expected that the summit and exhibition will attract many key industry
players from across Africa and beyond. The exhibition will provide a veritable
opportunity for established Exploration & Production Companies, Marginal Field Companies, State Governments, Government Agencies, Legal & Financial Services
Providers, Exploration,
Production & Processing Technology Manufacturers, Exploration, Production &
Processing Service Companies, services providers, equipment manufacturers and
new entries to interact and showcase their potentials.
Media Enquiries:
Nigeria/Ghana:
Innocent
Nwani
+234 816 853 6627
The Nigerian National Petroleum Corporation has hinged the inability of the country to reach the Four million production and 40 billion reserve target on funding constraints, infrastructure vandalism, security concerns and a host of others.\
The Federal Government is expected to save $5 billion yearly if it pursues aggressive gas development in Nigeria, according to stakeholders.
The report, which was an analysis on the impact of continued low oil prices on upstream oil and gas projects, stated that in the last six months of 2015 an additional 22 major projects and seven billion barrels of oil equivalent (boe) of commercial reserves have been deferred, on top of the 46 developments and 20 billion boe of reserves identified previously.
The President of Chevron Africa and Latin America Exploration and Production, Mr. Ali Moshiri, has raised the alarm that total investment by all players in Nigeria’s oil and gas industry, which stood at $20 billion in 2014 has dropped by 20 per cent in 2015.
The Federal Government, in a bid to attain robust external reserves, is planning to increase the amount in the Excess Crude Account from the current balance of $2.25bn to $3.95bn next year.
The Department of Petroleum Resources (DPR) has stated that Nigeria’s gas reserves of 188 trillion cubic feet (TCF) would be exhausted within 79 years from January 1, 2015.
Stakeholders have raised alarm over the non-utilisation of the 188 Trillion Cubic Feet (TCF) of Nigeria’s gas reserves, with a large portion of it regarded ‘stranded’.
Strong indications emerged on Wednesday that current glut in the United States’ oil market might further dampen the prices of crude oil and refined petroleum products as this could push down the crude to as low as $20 per barrel.
Exxon Mobil has replaced by 104 per cent its 2014 production by adding proved oil and gas reserves totalling 1.5 billion oil-equivalent barrels, including a 162 per cent replacement ratio for crude oil and other liquids.
The oft-touted West African Gas pipeline project may be in for some tough times due to the inability of Nigeria, the main initiator and country possessing the largest gas reserves in the region, to meet its supply obligations.
It said the prevailing security challenges in the area would not deter it from the mission. “In spite of the dire security situation in the Chad Basin area, the National Petroleum Investment Management Services, through our Frontier Exploration Services, continues to explore the frontier areas of Nigeria to increase oil and gas reserves,” the Group General Manager, NAPIMS, Mr. Jonathan Okehs, said in a post on the organisation’s website.
Nigeria's crude oil reserves have declined from the 37.2 billion barrels it recorded in 2011 to 31.81 billion barrels as at Wednesday last week, according to data from the Pipelines and Product Marketing Company (PPMC).
Nigeria’s oil deposits have depleted to 35 billion barrels, investigation by New Telegraph has revealed. Nigeria, which is targeting 40 billion barrels oil reserves, produces an average of 900 million barrels in 12 months based on its 2.5 million daily production, whereas little is done to replace the volume produced daily due to many factors.
