The apex body of professional geoscientists, Nigerian Association of Petroleum Explorationists (NAPE), has foreclosed the realisation of the country’s 40 billion crude oil reserve target set by the Federal Government for 2020
NAPE President, Dr. Andrew Ejayeriese, painted the gloomy picture at a media briefing in Lagos yesterday to announce activities lined up for the association’s 36th Annual International Conference and Exhibition with the theme ‘‘Evolving Strategies for a sustainable Petroleum Business in a fluctuating Oil Price Regime’’. Ejayeriese, while listing the several obstacles towards the realisation of the target, also observed that, there was no working template to suggest that the 40 billion barrels oil reserve target by 2020 could be achieved.
The NAPE President also expressed worries that exploration that ought to have boosted oil reserves are not happening because the country’s investment climate is not business friendly as oil firms are subjected to all manner of taxes and levies, leaving them with a lean bottom line. He equally took a swipe at the National Assembly for not being able to pass the Petroleum Industry Bill(PIB), saying the proposed law that was meant to unlock potentials in the country’s oil and gas sector has suffered several setbacks, thus discouraging fresh investments into the sector.
Source: The Sun