President, Chevron Africa and Latin America Exploration and Production, Mr. Ali Moshiri, has disclosed that Nigeria has more gas resources to make it number three or four in the world, but that the challenge militating against the realisation of this was gas infrastructure deficit.
Moshiri, who made this know at the Nigerian Association of Petroleum Explorationists’ conference in Lagos on Tuesday, explained that the total investment in the country’s oil and gas industry, which accounted for $20bn out of the $600bn investment in the global oil and gas industry in 2014, had dropped by 20% this year.
In Africa, he said Nigeria was the top producer of liquid hydrocarbon and number three in gas production, stressing, however, that the country’s number three position in gas was because of lack of infrastructure and not because of gas resources.
According to him, Nigeria has tremendous capacity and resources to produce far above two million barrels of crude oil per day, but added that much investment would be required.
He added that about $20bn in investment would be required yearly for the country to increase its current production levels.
He said many projects were locked up in the country because of cost, and identified the Bonga South West project as one of such.
According to him, the current slump in crude oil prices should not be a surprise to anyone as he has witnessed four of such declines in his 40 years in the oil and gas business.
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