Nigeria’s Crude Oil Reserves Declining by One Billion Barrels a Year

The Managing Director of the Pipelines and Product Marketing Company (PPMC), Haruna Momoh, has drawn attention to the worrying decline in Nigeria’s crude oil reserves after revealing that crude oil reserves were down to 31.81 billion barrels from 37.2 billion barrels in 2011.

Momoh was speaking at the Oil Trading and Logistics Conference in Lagos recently. Without further investment in aggressive policies to encourage exploration, Nigeria’s crude oil reserves will be depleted by 2048 given the current rate of decline of about one billion barrels every year.
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Oil and Gas Press