‘Nigeria Has Capacity To Increase Oil Reserves To 40bn Barrels’


Chief Executive of Brevity Anderson, organisers of the yearly Nigeria Petroleum International Summit (NIPS), James Shindi, has said Nigeria has the capacity to upscale its proven oil reserves to 40 billion barrels within the next few years.
Speaking ahead of the forthcoming NIPS 2019 conference and exhibition scheduled to start from January 27; Shindi said with Nigeria’s condensates production, averaging over two million barrels, it would continue to remain attractive for a long time.
“Even if there are no new oil fields, you are looking at another roughly 45 years or so of supply at current rates. However, when you start to look at the huge gas reserves of well over five trillion m³, which ranks Nigeria as possessing Africa’s largest gas reserves, this surely has to be the investment destination of choice and will continue to be,” Shindi noted.
With the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu announcing a roadmap to attract an additional $10 billion worth of new investment into Nigeria alone, Shindi said the continent is witnessing a shift from just talk to tangible action.
Speaking on why the Federal Executive Council (FEC) took the decision to approve the yearly NIPS where the private sector operator create an international platform for high-level discussions around the hydrocarbons sector, he noted that Africa would be able to provide solutions to current and future challenges in the sector.
“It is one of the ways Nigeria continues to provide leadership in the sector on the continent. The event, being the property of the Federal Government, also means that all key government decision makers attend; to network, provide answers to burning questions and also, listen to feedback from stakeholders.
“With a focus on technology and innovation, the aim is to grow the event into a must attend meeting for unveiling of major technological breakthroughs. We are already starting to see this happen, and we at Brevity Anderson feel absolutely humbled, and at the same time delighted to be on this journey with the Federal Government,” Shindi said.