Petroleum explorationists task FG on oil reform bill
He lamented that lack of political support has been hindering the growth of the sector, saying government needs to create an enabling environment for private participation.
Ejayeriese stressed that reduction in exploration activities in the industry, which has been the major source of revenue for the country, was currently affecting the industry and the Nigerian economy.
“The hydrocarbon resource is finite, if you continue to produce and not replace, your reserve will be declining. Regardless of what people may think, the oil and gas industry continue to be the cash cow of this country and that is troubling enough.
“More worrisome is that new technologies are catching up and making the use of oil less important, thereby reducing the demand side of the equation. For us as a country that wants to diversify, we need the revenue from the oil and gas sector to help with the diversification.
“The exploration for hydrocarbon in the Northern Nigeria frontier basin has been on before now; the recent resumption is just a continuation of the process. There is absolutely a need to fully explore the Northern Basins, but has to been done in the best technical and professional manner,” he stated.
On the association’s 36th annual international conference and exhibition, tagged, ‘Evolving strategies for a sustainable petroleum business in a fluctuating oil price regime,’ Ejayeriese said it would build on the past events and has been expanded to accommodate more technical and managerial sessions, with several key topics to address the oil business sustainability and its growth in Nigeria, while the exhibition spaces have been increased in response to rise in demand.