The Department of Petroleum Resources (DPR) recently approved a total of 37 well drilling proposals to help increase Nigeria’s crude oil production by 189,850 barrels per day.
Twenty nine out of the 37 wells were described as development wells while the remaining eight were grouped as appraisal wells by the DPR. The development is part of the petroleum sector regulator bid to inform about its achievements in 2018.
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The agency said, “We 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.”
It further revealed that about 50 drilling activities which were one exploratory, 10 appraisal and 39 development wells were successfully monitored adding that 1,260.74(km2) quantum of 3D seismic data had been acquired out of the 3,272.11(km2) approved.
DPR also mentioned that 39 rigs were granted operation licenses with 25 already carrying out 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 adding that there was 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 also stated that it reviewed and approved new methodology for industry use in reconciling Crude oil Handling Agreement mediation, adding that it 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.
Meanwhile, it 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 adding that it plans to engage oil exploration and production companies on the maturation of possible petroleum resources and identified drillable prospects