Institute Wants More Funds For Unexploited Minerals’ Research

L-R: Director, Monitoring and Evaluation of the Nigeria Content Development and Monitoring Board, Tunde Adelana, Managing Director, Shell Nigeria Exploration and Production Company (SNEPCo), Bayo Ojulari, Manager Project, Gas Division, National Petroleum Investment Management Services, Jubril Lawal, Shell's General Manager, Business and Government Relations, Bashir Bello and General Manager, Nigerian Content Development, Olanrewaju Olawuyi, at the 2018 SNEPCo Nigerian Content Exhibition in Lagos. recently.

The Institute of Oil and Gas Research and Hydrocarbon Studies has called for more funding assistance for research into other unexploited mineral hydrocarbon deposits in commercial quantities in the country.
Chairman of the Institute’s Council, Prof. Akin Akindoyeni, made the call during the institute’s Annual Forum and Award ceremony held in Lagos on Saturday.
He noted that the world was gradually sourcing for alternate energy sources.
According to Akindoyeni, it is common knowledge that tremendous progress is being made in the production of shale oil, sand oil and other energy sources with a view to reducing green gas emission in their combustion.
“If the current rate of progress is maintained, then the need for heavy oil production will be reduced for the manufacture of the bye-products such as grease and hard polymers only.
“An important area which should also not be overlooked is the pollution of the oil field environment. The current environmental cleaning effort is unsatisfactory, to say the least.
“More importantly, to what use will those sites be put after cleaning? For previous agricultural land, it will no longer be useful.
“We are advocating for funds to objectively research into most probable use(s) of such sites after the cleaning exercise, ‘’ he said
The institute’s chairman noted that the institute believed that the responsibilities of the oil companies were not exhausted until “there is an economic utility conclusion of the exercise’’.
Akindoyeni said that the Petroleum Governance Bill (PGB) was a step in the right direction but was deficient in many facets.
He said that the bill provided for the control of the industry’s destiny to still remain firmly in the resolute grip of the public sector.
“There are also other unexploited mineral hydrocarbon deposits available in commercial quantities in such countries as Nigeria, Gabon, etc.
“A typical example is the unexploited Nigerian deposit.
“In finding more economic alternatives for traditional oil and gas as well as hydrocarbon products, countries with such deposits may soon find these minerals unnecessary to exploit; in the face of more efficient alternatives, ‘’ he said.