If new crude oil discoveries are not made to add to Nigeria’s current reserves of 36.971 billion barrels (bbls), the country will run out of oil in about 52 years, the Department of Petroleum Resources (DPR) has disclosed.
The DPR also explained that the current reserves depletion rate of Nigeria’s oil reserves is 1.93 per cent, adding that on the average, Nigeria produced 1.973,995 barrels of oil per day (bpd) as at the end of June 2018. These details are contained in a report of the achievements of agencies under the Ministry of Petroleum Resources in the last three years.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had recently launched the report. According to the DPR, Nigeria’s gas reserves as at January 1, 2018 was 199.09 trillion cubic feet (tcf) which it said, represented an increase by 0.18 per cent over January 1, 2017. “The nation’s oil and condensate reserves as at January 2018 stood at 36.971 billion barrels with a depletion rate of 1.93 per cent and a life index of 51.79 years,” said DPR in the report.
Source: THIS DAY