Gulf of Guinea is key world oil province, OPEC president tells OWA conference

The Gulf of Guinea offshore West Africa is one of the most prolific hydrocarbon provinces in the world, with oil and gas discoveries of more than 10 Bbbl and tremendous potential beyond that level.

Offshore staff

(West Africa) - The Gulf of Guinea offshore West Africa is one of the most prolific hydrocarbon provinces in the world, with oil and gas discoveries of more than 10 Bbbl and tremendous potential beyond that level, said Dr. Edmund Daukoru, president of OPEC and Nigeria's Minister of State for Petroleum Resources.

Daukoru spoke at PennWell's 10th annual Offshore West Africa Conference & Exhibition held in Abuja, Nigeria, March 14 -16.

The conference, known for its high level of economic, technological, and geopolitical content, attracted more than 1,200 participants from throughout the world.

"The choice of Nigeria as host for this annual event is to my mind entirely fitting, as Nigeria exercises jurisdiction over more than 60% of proven reserves in the region, with enormous potential for growth that is yet to be fully established," Daukoru told the conference in his keynote address.

"I therefore look forward to intensified efforts throughout the region in proportion to the rewards that are available to be unlocked. True, the region is still developing its human capacities and infrastructure, but even in these essential requirements, Nigeria has a lead which I hope should draw investment to the region as a whole," he added.

Speakers for the opening session also included Eldon Ball, Petroleum Conferences Director, PennWell; Funsho Kupolokun, Group Managing Director of NNPC; D. Atanasio-Ela Ntugu, Minister of Mines, Industry & Energy, Equatorial Guinea; Chima Ibeneche, Managing Director, Shell Nigeria E&P Co., and Philippe de Hemptinne, Managing Director, Saipem Services.

Daukoru said that he found the theme for OWA 2006, "Leading the World in Deepwater E&P," most appropriate at this important period in deep offshore development, when global demand for oil and gas has topped all expectations, driven by the unprecedented growth in the major economies of Asia.

"This tremendous growth in demand for oil (and gas) – projected to reach 113 barrels per day (MMb/d) by 2030 – forces exploration toward more technically challenging environments, of which the deep water appears for now the most hopeful for conventional oil," Daukoru said.

Nigeria, Daukoru told the conference, is at the forefront in contributing its share to meeting this surge in global demand by opening up new frontiers in its deepwater acreage. He expressed the Nigerian government's support for the OWA conference and its efforts to "realize optimal development of the Gulf of Guinea."

Daukoru also serves as Nigeria's Minister of State for Petroleum Resources and was recently Nigeria's Presidential Advisor on Petroleum and Energy. He also previously served as the Group Managing Director of the Nigerian National Petroleum Corp. (NNPC), working on government funding for LNG projects. He has served with Shell Petroleum Development Co. of Nigeria in senior management positions as Executive Director & General Manager, Exploration and Non-Traditional Business, as well as a Divisional Manager for Shell's Western Division.

Offshore West Africa has become one of the industry's most active E&P arenas, not only in terms of activity, but also in advancing new field development concepts.

Earnings from the sale of crude oil and related resources in Nigeria alone totaled $11.9 billion in the first half of 2005. This represents a 39.6% increase over the $8.53 billion in the corresponding period a year earlier.

03/30/06

More in Home