Nigeria’s crude reserves decline by 2bn barrels

March 19, 2014

The Department of Petroleum Resources (DPR) on March 18 disclosed that Nigeria’s crude oil reserves currently stand at 35 billion barrels (bb), thus dropping by 2bb (about 5.4 per cent) from 37bb that it was, This Day Live has reported.

Director of DPR, Mr. George Osahon stated this  during the ongoing 2014 edition of the Nigerian Oil and Gas (NOG-14) conference in Abuja.
The session which had the Vice President of Shell Upstream International, Markus Droll, Managing Director of the Nigeria Liquefied Natural Gas (NLNG), Babs Omotowa and Group Chief Executive of Oando Plc, Wale Tinubu in attendance, revolved around Nigeria’s growth strategies for her oil and gas industry with specific emphasis on what she should do to retain her current position as Africa’s leading crude oil producer.

Osahon in his presentation raised the alarm on the declining reserve. He also explained that the federal government was relying on operators in the country’s oil and gas sector to swiftly commit to greater Exploration and Production (E&P) activities in the petroleum industry in view of drop in reserves.

Copyright: This Day Live, 2014