Headquartered in Canada, Ambit Energy Corporation also maintains offices in the United Kingdom and Nigeria. Ambit Energy Corporation relies on the expertise of geoscientists to carry out its oil and gas explorations.
Geoscientists dedicate their careers to exploring the earth’s natural processes. Many are employed by companies in the oil and gas industry to gather field and laboratory data essential for identifying buried reserves.
To locate trapped oil and gas, geoscientists look for source rock that contains organic matter that has been compressed to emit hydrocarbons and heated to a level causing the release of oil and gas. Source rock made of coal is ideal because it releases the most natural gas. Geoscientists also look for porous and permeable reservoir rock that have a cap rock. A cap rock, such as impermeable clay or salt deposit, has the ability to store hydrocarbons within reservoir rocks. In the same respect, rocks must contain a trap to seal in oil and gas. In identifying these factors, geoscientists can advise exploration companies on exact locations to drill boreholes to extract oils and gases.
Ambit Energy Corporation is a firm based out of Calgary, Canada which aims to be a competitive company in the West African energy sector. With interests in the Niger Delta Basin, Ambit Energy Corporation focuses on crude oil and natural gas exploration.
Natural gas is a fossil fuel commonly used for heating and for powering vehicles. Depending on where it is discovered and how it is harvested, natural gas can either fall into the category of conventional or unconventional. Natural gas is considered conventional if it is trapped beneath rock near enough to the earth’s surface that it can be extracted through traditional well-drilling methods.
Unconventional natural gas occurs when the ability to extract the resource is hindered by its location in the earth. Deep natural gas is considered to be unconventional because it rests at 15,000 feet or more below ground. Likewise, shale is considered to be an unconventional natural gas because it requires the use of high-pressure hydraulic fracturing to break through the uncharacteristically hard stone that encases it. Another unconventional type, coalbed methane, is a natural gas only found around coal seams in the earth.
Formed in 2005 by energy industry veteran Tunde Agbi, Ambit Energy Corporation pursues high-potential opportunities in the oil and gas sector in Nigeria. Building on his legacy of success in Canadian and international energy markets, Tunde Agbi aims to establish Ambit Energy Corporation as a major player in the growing West African energy industry. According to consulting firm KPMG, oil and gas account for nearly 60 percent of Africa’s earnings from exports, with West and North Africa standing out as the continent’s top producers.
While North Africa has the largest known oil and gas reserves on the continent, energy industry experts cite political and economic instability as key factors standing in the way of the region meeting its potential in the near future. For investors, West Africa has the highest prospects of near-term success, in part due to current offshore exploration prospects. In addition, Nigeria holds the most natural gas reserves on the continent, with potential reserves of 16.8 trillion square meters. To take advantage of this massive natural gas potential, the Nigerian oil and gas industry needs additional investments in infrastructure.
Despite opportunities in other regions, industry experts expect West Africa to be the primary recipient of investment dollars if oil prices stay low. To maximize the potential of their investments in West Africa, investors can partner with energy firms that have a sound exploration and production strategies, along with proven success on prior projects in the region.
The Niger Delta Basin is an important part of Nigeria’s natural beauty and resource wealth, and companies like Ambit Energy Corporation are working to help the nation discover and produce oil and gas from that region of the country. Ambit Energy Corporation maintains an active interest in the Niger Delta Basin for its proven reserves, which constitute an estimated 34 billion barrels of oil.
Basins are large areas of the Earth that form a depression. They can be above- or underground and are created by a variety of natural processes, including earthquakes and erosion. Several types of basins exist, but the Niger Delta Basin in particular falls under the “structural basin” category.
Structural basins occur when tectonic plates move, causing some rocks to fall and others to rise, eventually creating a basin. Within the category of structural basins are sub-categories like sedimentary and lake basins. The Niger Delta Basin falls into the former.
Sedimentary basins look less like bowls and more like long trenches, and over the eons, those trenches tend to collect organic and inorganic matter. The organic matter eventually develops into petroleum and natural gas, making sedimentary basins a key source of wealth in nations like Nigeria.
Headquartered in Canada, Ambit Energy Corporation focuses on high-potential oil and gas projects in Nigeria. Committed to the communities in which it operates, Ambit Energy Corporation also works to improve Nigerians’ access to potable drinking water. According to statistics from WaterAid Nigeria, a UK-based charitable organization, over 63 million Nigerians lack access to safe water.
Together with nongovernmental agencies, the Nigerian government has made efforts to deliver clean drinking water to Nigerian citizens. Despite these efforts, many Nigerians still rely on water from wells or boreholes. In some cases, this water may contain harmful heavy minerals, such as lead, arsenic, cadmium, and others.
In addition to lacking safe drinking water, two-thirds of the Nigerian population, or more than 112 million citizens, do not have adequate sanitation available to them. The widespread lack of safe water and sanitation results in the death of in excess of 97,000 Nigerian children each year.
Incorporated in 2005, Ambit Energy Corporation is a Canada-based oil and gas exploration and production enterprise focused on resources in the Niger Delta Basin in Nigeria. Ambit Energy Corporation’s work in Nigeria led the company to develop a business model and corporate structure based on the Nigerian Indigenization Policy.
Established in the early 1970s, Nigeria’s indigenization policy was created when significant economic and political nationalism led the state to impose regulations on the private sector. The Nigerian government developed the policy with a number of objectives, such as fostering opportunities for Nigerians, increasing the amount of domestically produced goods, and growing local profit retention.
With significant impacts on foreign direct investment, the indigenization policy restricted foreign investors’ access to certain markets, including basic manufacturing and advertising, while encouraging foreign investors to partner with local enterprises. The policy also required foreign businesses operating in Nigeria to sell company shares to Nigerians, with the minimum of company shares set at 40 percent. While the Nigerian Indigenization Policy is known to have yielded a variety of outcomes, some of the positive results were a stronger Nigerian stock market and an influx of Nigerian entrepreneurs.