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 Nigerian oil wells depleting – Petrolog chair

Nigerian oil wells depleting – Petrolog chair

The Chairman of Petrolog Group, Dr Vincent Ebuh, has expressed concern over the depleting oil wells in Nigeria.

The Petrolog chairman stated this in an exclusive interview with our correspondent recently in Lagos.

He urged the Nigerian National Petroleum Company Limited to intensify oil exploration, adding that the country could no longer produce enough crude oil because it had failed to engage in drilling.

According to Ebuh, the oil business in Nigeria is facing a lot of challenges and the NNPCL needs to have a deliberate policy for drilling.

He noted that the Nigerian government needed to be up and doing as the rest of the world was leaving it behind.

He emphasised that oil production declined when there was no exploration, saying that was why Nigeria could not meet its daily production quota.

“The oil business in Nigeria currently is passing through a lot of challenges. And we should do more than what we are currently doing because the rest of the world is not waiting for us.

“The basic perimetre to judge production is by exploration. When you stop exploration, your production will decline. And we have not paid attention to exploration. The oil we have on ground is a decreasing asset. It does not increase as you produce; it diminishes. The more you drill, the more you replace what is being diminished.

“If we go back to the main origin of E&P, you have to explore and explore. When we stopped drilling, that is why we could no longer meet our quota,” he stated.

While expressing worries that the old oil wells were drying, he called for a deliberate policy from the NNPC to drill for more oil.

“It is not sufficient to scoop what had been drilled before. That is the problem. We could not produce more crude because there are no new wells. The old wells are depleting, so how do you meet your quota?

“I will recommend that we go back to our original phrase of drilling. When you drill, your product will go up and there are no magic hands that will increase production or make us go to 2,000 barrels per day if we don’t drill,” he enunciated.

He added that businesses in Nigeria were going through a lot at the moment, stating, however, that all hope was not lost. (Punch)

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