By Sebastine Obasi
There is need for the International Oil Companies, IOCs to invest in the Chad Basin and Benue Trough so as to shore up Nigeria’s oil reserve base.
Mr Alex Tarka, President of Nigerian Association of Petroleum Explorationists (NAPE),
Who stated this at a one-day virtual workshop, organised for oil and gas media professionals, also said that it is imperative for Nigeria to invest in oil exploration so as grow its economy.
“Every responsible oil producing nation should invest in oil exploration. Commercial discoveries have been made in the Chad Basin and Benue Trough. There are little risks involved. This should encourage the International Oil Companies, IOCs, to invest these areas. The government should take the lead in investing in these basins,” he said.
Also speaking, George Oguachuba, Executive Director, Commercial and Strategy, Total Nigeria Limited, identified lack of incentives as a hindrance to exploration in Nigeria. “The PIB is yet to be passed. This has discouraged the IOCs from further investment in the industry. The present production sharing contracts are demanding on the producers. It gives more benefits to government than to the producers. Lack of incentives hinder oil exploration. That is why there are no replacement in production.
Fiscal terms in the PSC are more stringent. Government should put in place incentives for producers to go into exploration, so as to grow Nigeria’s reserve base,” he said. He also explained that the production sharing contract does not affect gas production. According to him, if gas is discovered in the course of oil discovery, the producer is expected to approach the government for discussion after which agreement is reached.
For Toyin Akinosho, Publisher, African Oil+Gas Report, oil and gas media professionals should be wary of fake news as it leaves in its wake doubt, lack of trust, misinformation and confusion. ”It also has a higher chance of being believed or shared since the networks are segmented so that it’s being shared with people that already have a bias and want to believe it is true story. It does a lot of damage to the industry,” he added.
Also speaking, Yvette Dimiri, Growth Editor, Stears Business, harped on the need for media houses to embrace digital journalism with a view to simplifying issues for the teeming readers. She explained that the world has gone digital, which necessitates every journalist to be digital-driven