African oil and gas resources
Posted on November 13, 2009 – 2:11 pm | by oilandgaspress.com
TheNigerian House of Representatives yesterday urged the Federal Government to direct the relevant authorities to resume the exploration and exploitation of oil and gas in the Lake Chad Basin, Benue and Adamawa Troughs as well as the Anambra River Basin.
Oil exploration and exploitation activities in the country have largely been limited to the coastal Niger Delta region and some parts of the old Eastern region, namely Imo and Abia states.
Earlier efforts in the Chad Basin and adjoining territories were said to have been frustrated by a number of factors including the huge cost of the venture and apparent non-viability of some of the oil wells discovered in the region.
However, Ndume said there can be no more excuses as neighbouring countries such as the Republic of Chad and Niger Republic which are on the same ecological belt have since completed their own exploration process and have now started the process of exploitation of the vast petroleum resources in their region.
Oil producers have a positive outlook on the development of African oil and gas resources with many opportunities yet to be exploited, according to industry experts.
Despite Africa containing only 9% of world’s proven reserves compared to Middle East’s 62%, industry analysts attending the 16th African Oil Week said the country contains a large amount of untapped reserves, Xinhuanet.com reports.
Africa has high potential for oil and gas extraction with oil reserves of 120 billion barrels and gas reserves of 500 trillion cubic feet, Clarke said.
But oil companies working in Africa face stiff competition from national oil companies and few new licence opportunities in established oil provinces.
Tags: Abia, africa, Anambra, Benue, Chad Basin, gas extraction, Imo, national oil companies, Niger Republic, Oil Exploration, Oil producers, oil wells, states
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