OIL RESERVES REDUCE TO 35BN BARRELS

Nigeria’s oil deposits have depleted to 35 billion barrels, investigation by New Telegraph has revealed. Nigeria, which is targeting 40 billion barrels oil reserves, produces an average of 900 million barrels in 12 months based on its 2.5 million daily production, whereas little is done to replace the volume produced daily due to many factors.

The country, which is Africa’s biggest crude exporter, which had over 37 billion barrels in its reserves in 2012, depends largely on proceeds from crude to service over 85 per cent of its national budget. Director, Department of Petroleum Resources, Mr. George Osahon, had last February declared that Nigeria’s oil reserves had depleted to 36 billion barrels.

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