*Urges Govt to invest in exploration
The Nigerian Association of Petroleum Explorationists (NAPE) has advised the Federal Government to put in place the right fiscal terms, and incentives as that is the only way to guarantee increased oil reserves.
The President of the Association, Engr. Alex Tarka, gave the advice at a one-day virtual workshop it organised for oil and gas media professionals on Tuesday with the theme “Accesing quality information and data journalism for oil and gas media professionals.”
Tarka further advised the government on the need to invest in exploration to enhance investment in the hydrocarbon business. He stressed the importance of such investment, noting that if the government invests in exploration, it will attract investors. Investors that would come in would have known the reserves of such acreages or assets. He cited what the government has been doing in the Chad Basin and Benue Trough using local expertise and personnel.
He commended the Group Managing Director of the Nigerian National Petroleum Corporation NNPC, Mallam Mele Kyari, for the successes recorded by the organisation in ensuring the nation attains its aspiration of achieving 40 billion oil reserves despite the effect of COVID-19 on the n economy.
He noted that the success recorded by the NNPC is already attracting the attention of the International Oil Companies (IOCs) that are considering partnership with it to increase drilling in the basins.
Tarka emphasized the importance the workshop, noting that it would equip them to reporter the oil and gas industry better. “The training was aimed at enhancing robust reportage of the oil and gas industry as well as retool media practitioners covering the sector,” adding that NAPE would continually provide veritable platform for learning that would deepen the import of oil and gas industry in Nigeria.
In his paper entitled ‘Exploration and production value chain, business and key stakeholders’ the Executive Director, Commercial and Strategy, Total Nigeria Limited, Mr. George Oguachuba, a geologist who has spent over 30 years working in the oil and gas industry across the world, explained the process of finding oil from exploration, development to production, and the various production arrangements operators enter with the government especially the joint venture and production sharing contracts (PSCs). He also explained the different PSCs of 1993, 2000, and 2005-6, and why it was the 1993 PSCs that have been very productive.
He stated that the oil and gas industry generates 70 per cent of Nigeria’s annual revenue, adding that the industry accounts for $100 billion of total real Gross Domestic Product (GDP) and employs over 400,000 people across the value chain. He also spoke on how the passage of the Petroleum Industry Bill (PIB) would boost oil exploration activities in the country.
Publisher of Africa Oil+Gas Report, Mr. Toyin Akinosho, in his paper entitled ‘Oil and gas reporting in the world of fake news,’ admonished energy journalists to be wary of fake news, which he said can cause massive mistrust and confusion. “It also has a higher chance of being believed or shared since the networks are segmented so that it’s being shared with people that already have a bias and want to believe it is true story,” he added.
In her presentation entitled, ‘Data and digital journalism: Effective tools for data driven reporting,’ the Growth Editor, Stears Business, Yvette Dimiri, emphasized the need for media houses to adopting digital journalism with a view to simplifying their writings to readers.
