Written by Faith Oparaugo
AMERICAN oil major, ExxonMobil, said it has spent about $40 billion in oil and investment in countries where it exploits hydrocarbon including Nigeria in 2012.
Speaking on the company's energy outlook in Lagos Wednesday, General Manager Deep Water Operations in Nigeria, Olatodun Isiaka, said ExxonMobil's, major discoveries are being made in countries in Asia and Africa and by 2040, about 60 per cent of oil reserves based on 78 million barrels daily production (mbpd) would be largely untapped.
He pointed out that this issue has put paid to speculation of possible dry up of oil wells in Nigeria.
However, the company said it intends to improve on the expenditure but would urge a bilateral trade harmonisation among nations to improve on oil trade.
According to him, new technologies are helping to uncover oil reserves in ultra deep horizons and Nigeria would be benefitting from this if the right environment were put in place.
He noted that what is needed is for countries to take practical steps, promote transparency, adopt open market, foster innovations, implement sound and cost benefit analysis to engender growth, security and environmental protection and above all open trade channels to promote demand and supply" he advised.
Isiaka said by 2040, there would be monumental rise in demand for electricity especially from Africa and Asia.
The factor to drive this include, population growth, change in standard of living, and migration from rural communities to urban cities he said.
The GM said certain petroleum products like gas apart from oil will be on high demand for electricity generation.
Furthermore, he said, Liquefied Natural Gas (LNG) projects would spring up in major countries even when renewable energy and other resources of energy like wind and solar would significantly rise.
Coal fired power will be reduced as nations would be legislating on its use due to carbon dioxide emissions.
According to him, there are bright futures for the energy industry but said Nigeria has been able to diversify sale of oil to China, as American market looks bleak.
He further stated that the world would need to expand energy supplies in a way that is safe, secure, affordable and environmentally responsible, adding that the scale of the challenge is enormous and requires an integrated set of solutions and pursuit of all economic options.
Isiaka added that natural gas will grow enough to overtake coal by 60 per cent through 2040, adding that for both oil and natural gas, an increasing share of global supply will come from unconventional sources such as those produced from scale formations.
Culled from http://ngrguardiannews.com
AMERICAN oil major, ExxonMobil, said it has spent about $40 billion in oil and investment in countries where it exploits hydrocarbon including Nigeria in 2012.
Speaking on the company's energy outlook in Lagos Wednesday, General Manager Deep Water Operations in Nigeria, Olatodun Isiaka, said ExxonMobil's, major discoveries are being made in countries in Asia and Africa and by 2040, about 60 per cent of oil reserves based on 78 million barrels daily production (mbpd) would be largely untapped.
He pointed out that this issue has put paid to speculation of possible dry up of oil wells in Nigeria.
However, the company said it intends to improve on the expenditure but would urge a bilateral trade harmonisation among nations to improve on oil trade.
According to him, new technologies are helping to uncover oil reserves in ultra deep horizons and Nigeria would be benefitting from this if the right environment were put in place.
He noted that what is needed is for countries to take practical steps, promote transparency, adopt open market, foster innovations, implement sound and cost benefit analysis to engender growth, security and environmental protection and above all open trade channels to promote demand and supply" he advised.
Isiaka said by 2040, there would be monumental rise in demand for electricity especially from Africa and Asia.
The factor to drive this include, population growth, change in standard of living, and migration from rural communities to urban cities he said.
The GM said certain petroleum products like gas apart from oil will be on high demand for electricity generation.
Furthermore, he said, Liquefied Natural Gas (LNG) projects would spring up in major countries even when renewable energy and other resources of energy like wind and solar would significantly rise.
Coal fired power will be reduced as nations would be legislating on its use due to carbon dioxide emissions.
According to him, there are bright futures for the energy industry but said Nigeria has been able to diversify sale of oil to China, as American market looks bleak.
He further stated that the world would need to expand energy supplies in a way that is safe, secure, affordable and environmentally responsible, adding that the scale of the challenge is enormous and requires an integrated set of solutions and pursuit of all economic options.
Isiaka added that natural gas will grow enough to overtake coal by 60 per cent through 2040, adding that for both oil and natural gas, an increasing share of global supply will come from unconventional sources such as those produced from scale formations.
Culled from http://ngrguardiannews.com
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