Crude Oil Exploration and Production
According to available records, the largest oil field in Cross River State is the Odukpani oil field, which was discovered in the 1960s. The field is located in the southern part of the state and is estimated to have reserves of about 33 million barrels of oil and 4.5 trillion cubic feet of gas.
Another significant oil and gas field in Cross River State is the Akpet Central Field. This field is located further to the northern part of the state and was discovered in 1986. The field is estimated to have reserves of about 27 million barrels of oil and 21 billion cubic feet of gas. There is also the Ogoja gas field, which is an onshore gas field located in the northeastern part of Cross River State. The field has estimated reserves of about 70 billion cubic feet of gas.
The loss of the status of the State as an oil producing State following series of judicial pronouncements of the International Court of Justice, the ICJ, and the Supreme Court of Nigeria, with the attendant loss of 76 oil wells that hitherto belonged to the State to Akwa Ibom State have deprived the State of enormous resources.
Crosspage Energy Limited is established to once again put the State on the map as an oil producer by embarking on ambitious exploration and production activities across the hydrocarbon belt of the State.
Oil Prospecting Licenses
The entire State presents virgin exploration opportunities with huge potentials that can transform the economy of the State and at the same time help the State achieve the oil producing status.
The company is engaging the regulatory authorities for the necessary licenses and permits.
Capped Oil Wells:
The State has over 30 capped oil wells.
Most of the capped and abandoned oil wells are located at Akpabuyo, Calabar South, Biase, Akamkpa, Odukpani, etc.
These wells were drilled around 1950 and 1960 and abandoned by Shell.
They were abandoned for various reasons ranging from commercial viability, and technical difficulties. However, these technical difficulties and viability arose mainly due to lack of export infrastructure then which no longer holds true today.
In order to exploit and maximise the natural endowments of the State for the benefit of the State and her citizens, Crosspage Energy will focus a lot of effort to bring these latent resources online within a very short time frame.
Liquefied Natural Gas, LNG
Nigeria boasts the largest amount of natural gas reserves in Africa. Based on research conducted by the Department of Petroleum Resources, Nigeria rests upon proven gas deposits totaling up to 206.53 trillion cubic feet, nearly all of it untapped.
Crosspage Energy mission is to monetise the huge gas resource in Cross River State via an LNG facility and a Natural Gas Processing complex for production of natural gas liquids, LPG and other marketable natural gas.
As a rule of thumb 1 trillion cubic feet (tcf) of proven gas reserves is required for every 1 million tonnes per annum (mtpa) liquefied for a 20 year period.
With around 4.5 tcf of gas reserves, and to take advantage of economies of scale, Crosspage Energy is proposing the construction of a 2 mtpa LNG plant at Odukpani gas field.
This offers many locational and logistic advantages, being close to Calabar Seaport which offers a window to the export market through NNPC Jetty.
The huge gas reserve can keep the operations of the LNG plant running for up to 60 years and beyond.
Natural gas remains very important in the energy mix. There is a huge and growing demand for gas either in LPG, LNG or any other form both in Nigeria and the export market.
Gas produced in Cross River State is either exported in LNG form or used domestically for power generation, as feedstock for gas-based industries such as petrochemicals and fertiliser production, industrial heating and as fuel for natural gas vehicles.
Natural Gas processing Plants:
There are very few gas processing plants in the country, and any investment in the gas sector offers enormous rewards. Crosspage Energy Limited as part of its overall goal and strategy of deriving maximum benefits from the gas endowment of the State is establishing a major natural gas processing complex in the gas belt of the State.
Any investment in this area will be a major milestone for the State, the communities, and our investors because of lack of capacity and heavy demand, and this will help Nigeria to accelerate its transition away from small-scale diesel generators to cleaner, less expensive fuels such as natural gas for power generation and industrial use. Most power plants that provide the bulk of Nigeria's electricity are gas fired.
The Liquified Petroleum Gas, LPG
One of the major refined products from our complex is LPG, otherwise known as cooking gas.
In the cooking gas space, Nigeria is a Sizeable LPG Exporter, but over 65% of its Consumption is Imported.
Local production is inadequate to satiate rising domestic demand. The LPG market is characterised by perennial shortages and high prices.
The rising demand presents an attractive investment opportunity which Crosspage is uniquely positioned to take full advantage of.
The market size is estimated at 3.6m tonnes a year.
Solid Minerals
Cross River State is richly endowed with sought-after solid minerals in huge commercial quantities. Nearly all are untapped.
Some of the solid minerals found in commercial quantities in the state are uranium, iron ore, manganese, tourmaline, barites, marbles, galena and sphalerite, coal, kaolin, sulphite, rutile, limestone deposits and others.
Previous attempts to exploit them such as "One Mineral, One Local Council Project" yielded little or no results for the State and the indigenes.
The Federal allocation accruing to the State from the Federation Account is grossly insufficient for the current Administration to meet the ambitions and developmental goals it set for itself of making Cross River State a hub of massive industrialization while meeting the legitimate yearnings of the people.
To turn the tide, Crosspage Energy Limited is convinced that a novel approach is needed to unlock the immense potentials of the sector as a revenue earner for the State and employment generator for citizens.
The capstone of our plan is an equitable arrangement that must involve the State Government, the Local Government, the host community, all being fair Stakeholders with Crosspage.
The Crosspage strategic approach to solid minerals is a novel innovation deliberately crafted to empower States and indigenes to have stakes in the solid minerals being mined in their States and Local Government Areas, LGA
To boost the socio-economic health of Cross River State Crosspage is to commence immediate exploitation of the identified solid minerals.
We are establishing processing plants in each LGA where these minerals will be refined and packaged for export, giving immediate employment to indigenes of the area.
The key infrastructural projects that will support the value chain for the processing of each key mineral have been identified and appraised.The critical ones are processing plant, vocational training centre, warehouse and storage facility, and mining equipment leasing.
The strategic location of Calabar as a Port City and its designation as a Free Trade Zone shall be maximized for the export of processed minerals.
The aforesaid warehouse and storage facilities shall be located in Calabar, to serve as a hub.
Crosspage welcomes raw minerals from other States for storage, processing, and export.
Export markets are being developed for key export minerals.
To allay the fears of community leaders about their habitat, and our strong commitment to international best practices, a comprehensive Environment Impact Assessment, EIA shall be conducted by credible consultants before commencement of mining activities.
The development of the mining sector of Cross River State economy will spur massive industrialization of the State with attendant tremendous job creation and employment opportunities for different professionals. The sector is driven by highly skilled workers, supported by semi-skilled workers and unskilled artisans.
Our Commitment
Crosspage will work assiduously and with diligence to make Cross River State an oil-producing State within 4 years.
We also commit to the efficient and effective deployment of our expertise and resources to exploit the huge solid mineral deposits in the State for the overall benefit of all stakeholders.