ABUJA - Going by current estimates, Nigeria ‘s total annual offshore expenditure on oil production will reach 16.7 billion dollars (about N2 trillion) by 2012, according to INTSOK, a Norwegian Oil and Gas company.
Mr Moses Kragha, Oil and Gas advisor for INTSOK in Nigeria , disclosed this today in Abuja at a seminar organised jointly by INTSOK, NNPC and the Department of petroleum Resources.
The theme of the three days seminar which ended today was “Gas - The fuel of the Century.”
Kragha said the forecast total offshore expenditure for 2012 was $8.8 billion or N1.03 trillion.
He said that Nigeria ‘s total oil production, which included light condensates, natural gas liquids and refinery gain had an average of 2.45 million barrel per day.
Kragha also said that Nigeria had current crude oil reserve estimated at 35 billion barrels and “the government planned to grow these further’’.
“These will have to attract massive investment in energy and petroleum activities, especially those in deep water,” he said, adding that at present the country had more than 250 oil and gas fields of which 120 were producing.
“Estimates of Nigeria ‘s proven gas reserves currently stand at 187 Tcf which is the 7th largest in the world and could amount to as much as 300Tcf,” Kragha said.
He said that Nigeria was now focusing on using more natural gas in the domestic economy, including expanding gas-to-power projects.
“Gas is also now being exported through the West Africa Gas Pipeline that is carrying natural gas from Nigeria to Ghana , Togo and Benin ,”Kragha said.
He said that Chevron was developing the OK-LNG (Liquefied Natural Gas) plant at Olokola in the Western part of Nigeria and was expected to produce its first LGN in 2011.
Kragha said that the plant would have an initial capacity of 11 million
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