By MICHEAL EBOH

The Nigerian Association of Petroleum Explorationists, NAPE, has announced plans to contribute to efforts aimed at bringing about a significant improvement in Nigeria’s crude oil production through the entrenchment of effective meeting and transparent oil and gas accounting system.

Gas pipeline

Speaking at a press briefing in Lagos to announce its forthcoming Special Management Workshop, Mrs. Adedoja Ojelabi, President, NAPE, expressed concern at the inability of the country to achieve its target of four million barrels per day, bpd, and 40 billion barrels in reserve.

She said, “The oil and gas industry in Nigeria is in the throes of declining reserves and production owing to reduced exploration,” adding that issues on production accounting and metering in the sector has been brought to the fore, especially with the rising cases of pipeline vandalism and production.

To this end, she said NAPE, will at the forthcoming workshop, scheduled to hold in Lagos on July 2, examine the effectiveness in the existing policies to drive growth in the oil and gas industry.

She further stated that NAPE will strive to develop roadmaps and new policy initiatives on production accounting and metering in the Nigerian oil and gas landscape.

She said, “The theme chosen for the workshop; “Fluid accounting and metering issues in the Nigerian oil and gas industry, is especially relevant in the light of recent public discourse on the concerns on accuracy of reported production volumes due to pipeline sabotage and other causes as well as questions regarding the efficacy of the metering system in our industry, including the nation’s hydrocarbon production reporting process and stewardship.”

She expressed optimism that it is possible for the country to achieve the four million bpd and 40 billion crude reserves target in the next couple of months, noting however, that this can only be achieved if the much needed investments are attracted to the sector

According to her, “if we are going to achieve these target, we need investments; we need to find reserves and to achieve this, we need lots of investment in exploration.”

Also speaking, Mr. Goodluck Adagbasa, Chairman, Organising Committee of the forthcoming workshop, said the delay in the passage of the Petroleum Industry Bill, PIB, is causing hesitation among investors, while investment decisions are stalled.

He maintained that if the sector can garner the necessary investments, the crude production and reserves target will be met.

“With money we can invest in the right kind of people and in the acquisition of the right kind of technology that will bring about an increase in crude oil production,” he noted.