Fiji Times Logo

Fiji Time: 2:23 AM on Thursday 24 April

/ Front page / News

Fiji's oil potential

Wednesday, July 23, 2008

A MINERAL Resources Department report released two years ago shows there is huge potential for mining oil in Fiji waters.

According to the report, "The Petroleum Potential of Fiji," over 20 structural reefal traps have been identified on seismic lines within the Bligh Water Basin with unrisked recoverable oil reserves.

It is estimated each structure has reserves of at least 270 million barrels.

The report also states recoverable reserves could increase to over a billion barrel per structure with structural-stratigraphic trapping.

The report also states there is a considerable scope for more reefal structures in the deeper Oligocene-Middle Miocene interval that cannot be resolved on existing seismic data, and in areas where seismic coverage is sparse.

With the current unintrusive technology, it is estimated that Fiji has the potential of between 5.4 billion to 20 billion barrels of oil.

Numerous attempts to contact MRD director Venasio Nasara to determine the department's strategy to realise the country's oil potential, were unsuccessful.