Geoplex Petroleum Resources
Geoplex Petroleum Resources Limited is a wholly
owned Nigerian integrated energy company with the mandate to explore, develop, produce and refine
oil and gas from its asset.
The need to diversify the Nigerian oil industry and make the sector
more inclusive for local operators is one of the premises upon which Geoplex Petroleum was
established.
Our commitment is to fully deploy our resources to explore and
exploit allocated acreages for production of oil and gas. This will enhance the indigenous
content of the Nigerian Oil Industry in line with the government policies.
Our focus
and aspirations are maximizing the recovery and domesticating our oil and gas resources, to
ensure that much more of these resources are produced and used in Nigeria.
In other to actualize these goals, we have strategically positioned ourselves and secured support from partners with renown experience in:
- Exploration and Productions
- Gas gathering and processing
- Oil gathering and Refining
- Power Development
We are set to become the new standard in running an
integrated
full stream oil and gas company, which provides asset development, production, processing
and utilization of product.
Geoplex Petrolem also has the mandate of its shareholders and
promoters to acquire or operate existing production facilities where agreements can be
reached with current asset owners.
Exploration and Production
The overview of Nigeria upstream petroleum industry is currently
promising, with Nigeria placed among the top oil producing countries in terms of reserves
and daily production; With our reserves ranging between 26-36 billion barrels, Nigeria’s
average oil depletion rate is 15% but reserves have been steady over the last 10 years with
no substantial increase despite the various commensurable effort by the government.
Geoplex believe that If we fold our hands and do nothing to increase the reserves at the
same rate in which we increase production, Nigeria might stand at risk of facing a
significant dip in our reserves.
Nigeria has the potential to up her reserves
drastically and exceed the government target of 45 billion barrels’ in reserves by the end
of the first decade of the millennium.
However, to achieve this we must carry out
exploration and drill more wells and this requires substantial investment and technology.
Geoplex started as the leading Indigenous Well Services Company, providing Exploration and
Production Well Engineering Services to most Oil and Gas Companies in Nigeria.
Working with our partners (Baker Hughes, Schlumberger, Halliburton, Deutag, Weatherford,
Welltec, YINSON, Scientific Drilling International (SDI), Interwell and Exceed to mention
but a few), we deliver integrated Oil Field Solutions that enhance our customer's field
productivity while minimizing cost and risk at every step of the value chain.
We are committed to taking advantage of the synergies between our business model and the
latest technologies that we have access to in exploring and developing
assets that we own, operate or managed in other to maximize the production for the benefit
to all Nigerians.
Refinery
The ever-increasing demand for Refined Crude-Oil Products requires the need for Midstream and Downstream investments to limit the requirements for importation of refined Crude-Oil Products hereby draining Nigeria’s Foreign Exchange Earnings. In-country consumption of refined Crude-Oil Products is much higher than the readily available local production. It is therefore imperative for Macro and Micro Economic reasons for us to invest in in-country refining of Crude Oil. Among many advantages of in-country Crude-Oil refining are:
- Macro-Economic benefits avoiding use of Foreign Earnings to import Refined Petroleum Products.
- In-country Capacity Building.
- Faster Turn Around Time.
- Easier Capacity to Finance.
- Value Chain creation processing Crude Oil to Refined Petroleum Products in-country.
- Direct and Indirect Employment generation of up to 2,500 Nigerians.
- Direct Supply of Crude Oil from our asset to the Modular Refinery there reducing need for foreign buyer.
- Refining Technology to be deployed afford opportunity to scale up to up to 50,000 BOPD Refinery Capacity.
- Geoplex is committed to domesticating crude product in Nigeria and we are achieving this by building scalable modular refinery to process and refine all the crude that would be coming from every field we developed.
When compared to conventionally built refineries, modular systems entail advantages such as lower cost, shortened time schedules and flexible operations in remote geographic areas. We are supported by Chemex Global - a leading global source for modular refineries, gas processing plants and measurement systems to achieve this goal.
Gas and Power
The ever-increasing demand for Refined Crude-Oil Products requires the need for Midstream and Downstream investments to limit the requirements for importation of refined Crude-Oil Products hereby draining Nigeria’s Foreign Exchange Earnings. In-country consumption of refined Crude-Oil Products is much higher than the readily available local production. It is therefore imperative for Macro and Micro Economic reasons for us to invest in in-country refining of Crude Oil. Among many advantages of in-country Crude-Oil refining are:Nigeria’s gas reserve is currently at about 200 trillion cubic feet (tcf), we currently have the largest gas reserve in the continent and are among the top ten globally. With our current annual consumption,
Nigeria has over 300 years of gas reserve and this abundant natural resource will continue to increase with exploration and production activities as many Nigerian oil fields are saturated, and have primary gas caps. Geoplex sees an opportunity in converting the gas reserves in the field that we currently operate and manage to power and LPG which will be beneficial of Nigerians. This strategy will enable us avoid flaring in line with the Federal Government’s plan to end gas flaring and thereby supporting the Nigerian Gas Flare Commercialization Program (NGFCP).
Geoplex Gas gathering and utilization strategy would also help address one of Nigerian’s major need “Power” by converting the produced gas to clean and safe Power for Nigerians. To this end, Geoplex petroleum is kicking off a modular gas-to-power project, which will implement a process that converts important fractions obtained from petroleum to useful end products. LPG which is a major alternate source of fuel choice and power generation is one of our end products. We are adopting a modular approach that would utilize processed gas from our marginal field and then grow to utilize gas from third parties operating gas fields.
In pursuit of our goals we partner with well-known companies that are well equipped with vast knowledge in this area like HEMLAR AS The power generated is expected to contribute towards bridging the power supply gap in the country and create both direct and indirect jobs during the construction and operational phases.
Our Leadership
Geoplex management team comprises of well-seasoned personnel with years of Oil and Gas worldwide Industry experience. Our top Managers have worked and Manage Oil and Gas activities in different environments with combined experience of over eighty years. The company board comprises of members with relevant business experiences and successes that greatly influence the direction in which Geoplex Petroleum is being stirred and positioned as a leading Oil and Gas producer in the Nigerian Oil Industry.
The Board of Directors of Geoplex is led by highly motivated team that directs the affairs of the corporation and is committed to sound principles of corporate governance. They bring a proven track record of success across a broad range of experiences at the policymaking level in business; expertise in science, technology, engineering, research, also with excellent expertise in legal or public policy issues.