Nigeria is no longer the preferred destination for oil exploration in Africa, the Managing Director\Chief Executive, Total Upstream Company in Nigeria, Elisabeth Proust, has said.
Proust attributed this to stiff competition from East Africa with large volumes of gas discovered in Mozambique, Tanzania, Kenya and Angola.
According to her, these countries have rolled out attractive terms and incentives designed to encourage exploration.
She stressed the need for aggressive exploration activities to replace reserves and develop exploitation projects.
She stated: “I believe all stakeholders recognise the urgent need to replace production in Nigeria. The level of drilling activity in Nigeria and the reserve replacement ratio of drilling activity in Nigeria and the reserves replacement ratio of the country are extremely low right now.
“For Nigeria’s oil and gas reserves to grow and for companies to invest in exploration and development of assets, there must be a clear, fair and stable and regulatory regime that allows long term planning and investing”.