29 November 2017, Sweetcrude, Lagos – Chairman and Managing Director, Chevron Nigeria Limited, Jeffery Ewing, says Nigeria still has significant opportunities to find new oil and gas resources in the Niger Delta region as he urged the Federal Government to invest in new oil exploration activities in the area.
Ewing stated this in his keynote address at the 35th Annual International Conference and Exhibitions of the Nigerian Association of Petroleum Engineers, NAPE, in Lagos.
According to him, there is need for rejuvenating 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.