24 November 2017, Sweetcrude, Lagos – Chairman and Managing Director, Chevron Nigeria Limited, Jeffery Ewing, has called on the Federal Government to invest in new oil exploration activities in the Niger Delta.
In a keynote address at the 35th Annual International Conference and Exhibitions, AICE, 2017, organised by the Nigerian Association of Petroleum Engineers, NAPE, Ewing said Nigeria still had significant opportunities for new oil and gas resources.
According to him, there is need for the rejuvenation of old frontier basin exploration to discover impact resource additions for strategic reserves replacement and growth.
These, Ewing said, could be achieved through regional geological assessment of the Niger Delta basin, new thinking and technology in seismic acquisition and seismic processing, deep drilling and prospecting, as well as cost-efficient future development.
“It is evident that there is significant unpenetrated and undiscovered hydrocarbon resources and reserves just below existing infrastructure”, he said.
Average drill depth below mud line in the Niger Delta is approximately 10, 000 to 12, 000 feet.
“We therefore need to build a robust inventory of drill-ready prospect portfolio in readiness for more favourable oil price and globally competitive fiscal policy,” he added.
The Chevron Nigeria boss called on NAPE to encourage industry-academia collaboration for local research and development, and provide a platform for the articulation of ideas that will help advance the oil and gas industry and the nation’s economy.