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FOR IMMEDIATE RELEASE
CONTACT: Kevin McPherson
(+1-972-952-9371, e-mail kmcpherson@otcnet.org)
HOUSTON, Texas, U.S.A. (7 May 2002) - More than
600 gathered Tuesday as delegates from Nigeria discussed their country's
oil and gas developments at the 34th annual Offshore Technology
Conference (OTC) in Houston.
The first industry breakfast in a series of three,
"Business Opportunities in Nigeria's Oil and Gas Sector,"
featured Funsho Kupolokun, Special Assistant to the President of
Petroleum Matters, Federal Republic of Nigeria. Kupolokun emphasized
the need for foreign investment, which is being encouraged and supported
by the Nigerian government.
He also stressed the opportunities available
for production, with 29.5 billion barrels in recoverable reserves
and 159 TCF of proven gas reserves within the country. The Niger
Delta has some of the highest success rates in the world at 50%
recovery for deep offshore, Kupolokun said. As a result of these
development opportunities, Nigeria hopes to progress technologically.
"The opportunities are there," Kupolokun
said. "Please join us while the train is moving."
Other speakers included Andrew Uzoigwe, Group
Executive Director of Exploration and Production, Nigerian National
Petroleum Corporation (NNPC); Alain Jean Roux, Executive Director,
Technical, TotalFinaElf; Kunle Olaosebikan, Manager, Petroleum Engineering
Department of PSC Division, NNPC; Emeka Ene, Managing Director,
Oildata Wireline Services; Austin Avuru, Managing Director, Platform
Petroleum; and Godwin Obaseki, Managing Director, Securities Transactions
& Trust Co. Opening remarks were offered by Kevin Murphy, Deputy
Assistant Secretary for Energy, Environment & Materials, U.S.
Department of Commerce.
Uzoigwe outlined some of the government programs
designed to increase local and foreign participation in the oil
and gas production in Nigeria. Currently accounting for 90% of exports,
the country's production is being encouraged through a liberal policy
framework, incentive financial packages, and aggressive acts.
The high level of activity in Nigeria is now
ranked second to Angola in West African deep offshore, said Olaosobikan.
He pointed out the existence of an "oil deposit belt"
which originates in shallow water and extends into deep offshore
and will be a major resource for future production. Two factors
important in influencing the participation of companies in this
region are investment and new technology, he said.
A process has been initiated to evaluate companies
interested in participating in the downstream sector of the oil
industry. The Federal Government of Nigeria (FGN) used the breakfast
as a forum to invite pre-qualification submissions from prospective
investors who wish to establish private refineries in Nigeria. More
information about qualification is available at www.nigeriaoilandgas.com.
Founded in 1969, the Offshore Technology
Conference is the world's foremost event for the development of
offshore resources in the fields of drilling, exploration, production
and environmental protection. OTC is held annually in May at Reliant
Center at Reliant Park in Houston. For more information, visit the
OTC 2002 Web site at www.OTCnet.org.
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