Nigeria Aiming To Double Crude Reserves Amid Increasing Exploration Efforts, Says Lokpobiri

The federal government on Thursday said that for over 12 years Nigeria had not done much oil exploration, but noted that with the increasing activities in the sector, the country should be doubling its crude reserves, especially with the floating of the Frontier Exploration Fund (FEF).

Speaking in Abuja during a visit by the Governor of Kogi State, Usman Ododo, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri reiterated that the nation was targeting 2 million barrels per day by the end of this year.

“For the past few years, Nigeria hasn’t actually done much of exploration and that is why our reserves are low-grade. Our reserves are about 37 billion barrels. But our reserves should be at least two times of that.

“The reason is that all our neighbours that didn’t have oil, when our reserves were at 30 billion barrels something, have found oil. So there’s no way we will not find more oil, like we have found in Kogi and in other parts of Nigeria. The reason why we haven’t been able to update our records is because not much exploration was done in the last 12 years.

“But for the PIA, there was no money available that government can use to do these seismic exploratory activities that will enable us to increase our reserves, not only in crude oil, but also in gas. And so I want to assure you that there’s funding that’s available for that purpose, and government is committed to ensuring that we do that for the overall strategic national interest of Nigeria,” he stated.

Stressing that the federal government cannot do it alone, Lokpobiri stated that the pace of progress as far as exploration activities are concerned in Kogi was slowed down because of the state of the economy.

He also highlighted the need to tackle the security issues, explaining that there was also the need to partner with the government of Kogi State so that the Frontier Exploration Fund can be deployed for the requisite exploration where there could be a lot of seismic work, to find more fields in Kogi.

“This is so that Kogi can also play big with the League of States that are earning fat from derivation. And so we, as a government, are committing to working very closely with the government of Kogi State to achieve this. I’m going to come to Kogi State any time the government has enough time to invite us,” the minister added.

He said harnessing the country’s oil and gas resources remains the easiest way to come out of the economic woes it is currently experiencing, adding that it has become necessary for Nigeria to increase its oil production as the world moves towards jettisoning fossil fuels.

In his remarks, the Kogi state governor, Ododo, who came along with his team comprising the state’s Finance Commissioner, Idris Ashiru, noted that he was in Abuja to meet the minister to expedite action on harnessing some of the mineral resources in the state.

“Kogi State is a baby state that is so blessed with so many natural gifts and in abundant quantity. Hence, we have it, we have been boasting, we have been publishing, we have been talking about it.

“But it has never been working for us as a state and the entire nation. We need your support. We need your guidance. We want to unlock our potential to make sure the natural gifts gifted out by God Almighty start working for us during your own time,” he stressed.

Also speaking, the Finance Commissioner, Ashiru, said that the governor had taken it upon himself by ensuring that a lot of investment was made towards securing the people of the state, its resources, and the investors.

“One of the minerals that God gave Kogi State is the Anambra Basin. And we need to tap into it for us to actually achieve the plan. The people of Kogi State believe that for this plan to work, we need to explore all areas.

“The road infrastructure is very key to achieve development and that we have been doing that. Within the shortest time, the governor will invite you to commission some of the roads we have completed. We know and we are aware that the NUPRC has a lot to do to develop the frontier basin.

“There are funds to develop it. We are happy with our colleagues in the South, when they are going home with tons of money, while we go home with little. We are happy with them, but we hope to join them.

“So if you call us an oil producing state, yes, we are an oil producing state, but are we producing? No. Because then, it was insecurity. But we have fought and we have ensured there is peace in the area.

“That is the major one that you need to help us. Some people believe we earn 30 per cent . It’s not monthly. We only received it once, and that was 7.8 million. But as a government, we have to be proud that we are also oil producing. But nothing is coming,” he lamented.

Deji Elumoye, Emmanuel Addeh, Chinedu Eze, and Peter Uzoho

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