President of the Nigerian Association of Petroleum Explorationists, Mr Alex Tarka, speaks with ’FEMI ASU on the impact of the oil price plunge on exploration activities in Nigeria, among other industry issuesprice crashed from as high as $70 per barrel in January to $22 per barrel last week. How is this impacting exploration activities in the Nigerian oil and gas industry?
Besides the rig rates, there is also a need to defer some of the exploration projects, based on management decision. As explorationists, usually at a time like this, it will be the best time to negotiate the rig rates downwards, hold on to such and then aggressively see how many exploration wells one can drill before the rates will go up again, based on the increase in crude prices.
When you hear of the price war between Russia and Saudi Arabia, it is because of the comfort level they have with their reserves status. You will notice that they are holding on to huge reserves base, so they can play around with their production figures. They can decide when to cut and when to just open up. But for a nation like ours that is still down there, we need to continue to do whatever needs to be done professionally to keep adding to the reserves as long as the production is ongoing.
Nigeria had set a target of 40 billion barrels of reserves for the year 2020 but it is not close to achieving this. What are the factors that hampered the achievement of this target?
Which continent is this man from...Lol
Ok mr ororo.
Dreamer
Keep deceiving yourself. Selfdeceit
You say wetin Sir
Agreed, Oil is still relevant to the Nigerian Government because people like Tarka are in power. Also why we are rich and broke at the at the same time. Same reason why there is a brain drain in sectors that the economy could have generated more income than oil.
It'll do them like 'film trick'.
The revenue from oil in the past we have no major benefits from it . Look at Qatar investments all over the world from liquidfied gas
This one is in denial
Groundnut oil 🛢 abi
Which type of oil bros
Hmmmmmm!
Oil has lost relevance oga! It's just sad that a lot of us are blind to this fact. I pray that humans with gumption ascend Nigerias authority throne.
What is the use of oil if it’s country loses relevance!
If una like make una no save, Las Las we go sell d country, make everybody share d money.
The leaders should create another major source of income to the nation, before everything will become a nightmare.
Ok
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