A total of 37 well drilling proposals have been approved by the Department of Petroleum Resources and they are to increase Nigeria’s crude oil production by 189,850 barrels per day.
It was gathered that out of the 37 wells, 29 were categorised as development wells, while eight were grouped as appraisal wells by the DPR.
The petroleum sector regulator disclosed this in its latest document detailing its achievements in 2018, which was obtained by our correspondent from the Federal Ministry of Petroleum Resources in Abuja on Friday.
Outlining some of its achievements for 2018, the DPR stated that it “approved 37 well drilling proposals (eight appraisal and 29 development wells) and seven new field development plans with an estimated production of 189,850 barrels of oil per day when fully commissioned.”
The agency added that it “successfully monitored 50 drilling activities (one exploratory, 10 appraisal and 39 development wells) and 1,260.74(km2) quantum of 3D seismic data has been acquired out of the 3,272.11(km2) approved.”
The regulator also granted 39 Rig Licences-to-operate, out of which 25 rigs were carrying out various rig operations.
It stated that the nation’s oil and condensate reserves as at January 1, 2018, stood at 36.971 billion barrels with a depletion rate of 1.93 per cent and a life index of 51.79 years.
“Average daily oil and condensate production stands at 1,973,995 barrels of oil per day as of the end of June 2018,” the DPR stated in its latest document.
It added, “There’s full implementation of online processing of downstream licences, permits and approvals achieved through the Retail Outlet Monitoring System, Depots System, Import and Export Permit System, Lube Blending Plant System, and Refinery Operations System.
The DPR stated that during the year under review, it reviewed and approved new methodology for industry use in reconciling Crude oil Handling Agreement mediation, adding that this was expected to reduce CHA disputes.
It gave an update of the national gas reserves status and put the figure at 199.09 trillion standard cubic feet as at January 1, 2018.
This, according to the oil sector regulator, represents an increase of 0.18 per cent over January 1, 2017 position, adding that four new fields were discovered during the reporting year.
“The new discoveries accounted for 43 billion standard cubic feet of associated gas and 37.43 billion standard cubic feet of NAG (non-associated gas).”
The agency stated that part of its outlook beyond 2019 was to enhance the availability of critical infrastructure in the midstream sector through the promotion of open access administration.
It said the DPR would engage oil exploration and production companies on the maturation of possible petroleum resources and identified drillable prospects.
It pledged to ensure continuous guidance of marginal field and indigenous operators to fast-track full field development and commence production.
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