Hydrocarbon resources, otherwise known as oil and gas in the Niger Delta region, are drying up based on the recent discoveries, the Director, Department of Petroleum Resources, (DPR), Mr George Osahon has said.
Speaking yesterday at the Nigeria Oil and Gas Conference 2014, Abuja, Osahon said time is now for the country to intensify efforts to explore the hydrocarbon resources in other regions within inland basin and deep offshore.
He said: “For Niger Delta, the onshore part of it is matured, as its reserve is beginning to drop.
“Niger Delta is finally matured, may be the shallow waters and deep offshore water are still not matured, but maturation is a must. Decline in reserve is the major industry concern and of course, with the role of oil and gas in the national economy, everybody has worried about it.
“We have reserves that are dropping; production is actually dropping, didn’t have that figure but is actually dropping, what we need to do? Of course exploration, exploration and exploration.
“If you look at the seismic pattern of the country, where we start with 2d and we came up with 3d,..What we are saying is that for us to have more reserves, more discoveries, evenvwithin the maturing Niger Delta, is needed.”
Based on the record provided by the Osahon yesterday, the oil reserve declined by about 2.2 billion barrels from 2010 to 2013. In 2010 records showed that the country’s reserve
stood at 37.2 billion barrels. Osahon said although there are several figures on the actual oil reserve in the country, the DPR figure stood at 35 billion barrels. He said a lot needed to be done to increase these reserves. He commended the NNPC for searching oil in the inland basing, saying that there is oil in the Chad basin, considering the fact Niger Republic is currently exploring oil within the region.