INVITATION:NAPE/AAPG INTERNATIONAL CONFERENCE
You are cordially invited to the 3rd Regional Deepwater Offshore West Africa Conference and Exhibition (
DOWAC). The theme for the conference is "
West Africa Deepwater: Successess, Challenges and Future Prospects". Venue is Abuja International Conference Centre from 14th to 18th November 2010.
NAPE 2009 Conference Pictures: Picture One
IMMERSIVE FIELD TRIP: Top Nigerian scholars successfully concluded a ground-breaking new AAPG -Indiana University field immersion program for petroleum industry-bound students. For details, click here.
Oil companies invested $21bn in Nigeria’s deep- water : Chevron boss
The Managing Director of Chevron Nigeria Limited, Mr. Andrew Fawthrop, has said that oil and gas companies operating in Nigerian deep-water had invested over $21 billion in the development of the blocks under the Product Sharing Contract (PSC).
Fawthrop, who disclosed this at the Nigerian Association of Petroleum Explorationists (NAPE) 27th International Annual Conference, in Abuja, stated that the deep-water operations had boosted Nigeria’s crude oil production and economy .
The Managing Director, who stated that the projects was financed solely by the International Oil Companies (IOCs), said the PSC was different from the shallow water and onshore fields where Nigerian National Petroleum Corporation (NNPC) has joint venture operations with multinational companies and pays its share of investment through cash call.
``Since the start of production, just four years ago, the government has received over $13 billion in form of benefits from taxes and profit from oil from deep-water blocks. Other benefits to Nigeria include ongoing services being carried out by Nigerian contractors.
Chevron boss disclosed that venturing into exploration and drilling of the deep-water, which is one of the oil industry’s best ways of meeting the growing demand of energy not only in Nigeria but also in other parts of the world, had enhanced the country’s crude oil production.
According to him, adequate exploration and leveraging of the deep-water operations in Nigeria, which would continue to grow as the industry keeps on with the drive of meeting the energy need, would provide the needed engine growth for the nation’s economy.
``Deep-water exploration and drilling, with all the accompanying technology, is the next frontier that will provide access to oil in very remote and difficult places.
``International Energy Agency (IEA) projects that between 2007 and 2015, the world will need an additional 37.5 million barrels per day of oil to meet rising demand. Consider the fact that everyday, in the life of the world, we use 82 million barrels and twice that in other forms of energy.
Today, worldwide, we use 50 per cent more energy than we did only 20 years ago. Fawthrop said that the challenges of deep-water continued to demand new and innovative technologies, while some technologies are being moved around the world.
He said that some technologies are being stretched into more difficult environments where new technologies are needed. ``Bringing oil and gas from thousands of meters below the sea bed, when the sea bed is at thousands of meters deep, takes expertise, very significant financial resources and a regulatory framework that attracts expertise and finance in competition with other parts of the world,” he stressed.
NAPE News
