Nigeria has potential for more petroleum discoveries, says Omorodion

Launches petroleum bulletin

The economy of Nigeria has grown and largely been driven by profits from oil and gas exploration and production. Nigeria oil and gas industry has indeed been the growth engine for Nigeria and Nigerians, with numerous persons and companies.

The Nigerian oil and gas industry has seen booms and bursts, twists and turns, yet it remains an evolving and compelling story.  I tend to agree with Laila Akita who said: “The present defines the past.”  It has therefore become imperative that outstanding business contribution to the Nigerian oil and gas industry be documented to enable an understanding of the times that our industry has passed through.

The inaugural edition of Nigerian Petroleum Business Bulletin contains a compilation from workshops and management sessions held at Nigerian Association of Petroleum Explorationists (NAPE)’s International Conference and Exhibitions between 2014 and 2016 in Lagos.

It is filled with insightful write ups from seasoned industry leaders and distinguished professionals; indeed, the very same minds and ideas that discovered oil, and have produced and managed Nigeria’s oil and gas business to date.

The entire value chain of Nigeria’s upstream business is covered: Exploration and increasing Nigeria’s resources base, investments and divestment within the industry, gas monetisation and the Joint Venture (JV) funding.

It is important to note that while our industry has played a significant role in the development of Nigeria’s economy, it has now developed to world-class level, making the Niger Delta a focal point for oil and gas activities globally.

Despite these achievements, there is still so much ground to be covered and we must not rest on our oars. Let me challenge you by saying that there is much more oil and gas to be discovered.

However, if we are to add one billion barrels and a minimum of 5.5TCF per annum, a thorough understanding and appreciation of the economics and profitability as well as enabling policies becomes imperative.  I enjoin you look ahead to what contribution you can make in ensuring that the Nigerian oil and gas industry is taken to the next level.

My immense gratitude goes to the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru for graciously writing the foreword.

It is indeed an honour for me to recommend the Nigerian Petroleum Business Bulletin, a NAPE publication to the geoscience community, academia, doyens of industry and commerce, as well as the national assembly.

Being the introductrory speech in the Nigerian Petroleum Business Bulletin by the former President of Nigeria Association of Petroleum Explorationists (NAPE), Nosa Omorodion.