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Home > Oil Gas News > PST Targets Nigerian Oil Concern
PST Targets Nigerian Oil Concern
Representatives from hundreds of oil firms were in Nigeria recently to hear the announcements of the winners of dozens of new oil-exploration licenses for drilling rights across the country. Nigeria currently produces 2,160,000 barrels per day. At current market prices, Nigeria has annual oil & gas revenues in excess of $55 Billion. According to analysts who cover the Nigerian oil & gas industry, some 10% of Nigeria's oil is either lost or stolen annually. Fiber optic technologies, infrared cameras and other sensors could achieve a reduction in the "lost" Nigerian oil, thereby saving millions, if not hundreds of millions of dollars annually for the country. PST intends to be a contender in this market.
(PRWEB) September 14, 2005 -- In January 2005, the Oil and Gas Journal estimated that Nigeria contains proven oil reserves totalling 35.2 Billion barrels. The Nigerian government plans to expand its proven reserves to 40 Billion barrels by 2010. Security concerns will continue to plague the oil industry in Nigeria; hence it is inevitable that the Nigerian government will continue to make investments in technologies and companies that secure this infrastructure.
In 1971, Nigeria joined OPEC and the Nigerian National Oil Corporation was established (NNOC), later becoming the NNPC in 1977. Nigeria is a member of OPEC and is its 12th largest producer.
About the Company:
PST Ltd. is a global security and technology firm covering the oil & gas industry. The company has offices in the major oil producing regions around the world. PST is an international firm built by veteran oil industry engineers and provides vital technologies to the oil & gas industry. By developing and licensing cutting edge technologies, PST delivers a cost effective solution for securing infrastructure facilities such as oil pipelines, gas pipelines, oil exploration facilities, oil refineries, nuclear power plants, electrical power plants, water treatment plants and government facilities.
The statements in this press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This press release contains forward looking statements. In particular, when used in the preceding discussion, the words "plans", "confident that", "believe", "expect", or "intend to", and similar conditional expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any forward-looking statements.
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