NIGERIA'S CRUDE OIL RESERVES REDUCED BY 2 BILLION BARRELS

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Nigeria's crude oil reserves now stand at 35 billion barrels, 2 billion barrels or 5.4% less than the former reserves. The Department of Petroleum Resources made the disclosure in Abuja at a meeting of industry stakeholders. The DPR Director, Mr. George Osahon said a way out had to be found regarding further exploration and production (E&P).

He said this was necessary in order to keep the country at the forefront of oil production on the continent. He also claimed the operators were shying away from E&P which was quickly countered by the operators. Let's not forget that Nigeria loses $12bn worth of stolen and/or diverted crude oil yearly. Could it be that Nigeria's oil will soon dry up? 

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