Ikenna Okonkwo was at the largest gathering of Nigerian geo-scientists related to the Petroleum Industry where he felt first-hand the pulse of the Nigerian oil industry. Unfortunately his impressions were not so pleasant. Read full post on his blog, “The Failed Rift”.
I was at the 31st edition of the National Association of Petroleum Explorationists (NAPE) annual conference and exhibition which held from the 10th-14th November . This was my first experience of this largest gathering of Nigerian geoscientists related to the Petroleum Industry and it was an opportunity to feel the pulse of the Nigerian oil industry as well as meet old classmates and acquaintances.
The conference theme -Stimulating Exploration and Reserves Growth in a Maturing Basin- was indicative of what is on the mind of those involved as well as observers of the Nigerian industry. The Nigerian oil industry has been shrinking. It is an open secret that the major international oil companies (IOCs) are divesting their (especially onshore) assets. More alarmingly exploration activity in frontier areas (Deepwater Niger Delta, Benin Basin and the inland basins) have waned. Among the IOC staff there’s a certain tension and insecurity as divesting…
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