Osten Olorunsola, director of the Department of Petroleum Resources, DPR, made this known, Thursday, in Lagos.
He spoke while receiving members of the House of Representatives Committee on Petroleum Resources (Upstream) in his office at DPR head office on Victoria Island, Lagos.
So far, Olorunsola said, 173 oil blocks have been allocated to oil companies in Nigeria. Most of these are located in the Niger Delta region, he said.
Lamenting dwindling investment in the sector, he expressed fears that this could derail government’s plan to achieve 40 billion barrels oil reserves.
Currently, Nigeria’s oil reserves, including crude and condensate, stand at 36.2 billion barrels, while oil production is steady at 2.5 million barrels per day (bpd), he stated, putting gas reserves at 183 trillion cubic feet (tcf).
He advised the lawmakers on the need for a speedy passage of the Petroleum Industry Bill, PIB, saying this will create the right atmosphere for investment.
Hon. Muraina Ajibola, chairman of the House Committee, said his team was on an oversight visit to the Department in line with Order A Rule 187 of the Standing Orders of House of Representatives.