The Federal Government has unveiled plans to significantly expand Nigeria’s oil and gas reserves, with a renewed focus on deepwater exploration and other underexplored sedimentary basins as part of efforts to sustain the country’s hydrocarbon production and strengthen its position in the global energy market.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this on Monday at the opening of the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
Lokpobiri said Nigeria possessed substantial untapped hydrocarbon resources that could significantly increase its existing reserves if supported by sustained investment, modern exploration technologies and stronger participation by indigenous operators.
He urged international oil companies and indigenous exploration firms to intensify drilling campaigns, expand exploration programmes and strengthen local technical capabilities to unlock new discoveries.
According to the minister, deepwater locations and other relatively unexplored basins offer considerable opportunities for reserve growth, particularly as the country seeks to increase production and meet its long-term energy and revenue objectives.
He stressed that Nigeria could no longer depend on discoveries made several decades ago to sustain future production, warning that declining exploration activities over the years had created the need for a more deliberate approach to resource development.
Lokpobiri noted that the current administration had begun implementing measures to revitalise upstream operations and improve the investment environment for exploration companies.
He maintained that sustained exploration was essential not only to discovering new hydrocarbon deposits but also to replacing depleted reserves and ensuring the long-term viability of Nigeria’s petroleum industry.
The minister called on industry stakeholders to take advantage of emerging investment opportunities, particularly in deepwater exploration, while deploying adaptive technologies and building indigenous capacity.
Nigeria’s ability to expand its reserves is expected to play a critical role in its ambition to increase crude oil production, strengthen natural gas development and attract fresh capital into the upstream segment.
