Nigeria's Oil Reserve Remains Static
FG Delays Bid Round
Nigeria’s oil reserves including the condensate remained static within an average range of 35 to 37 billion barrels for the past five years due to failure to allocate more oil blocks to investors, according to reports by the Daily Trust newspaper.
Government’s target to reach 40 billion barrels reserves and daily oil production to about 4 million barrels had since failed as a result of failure to roll out new oil blocks and finalise the proposed industry legal framework – the Petroleum Industry Bill (PIB).
Since 2007, government failed to hold another round of oil bid round which many investors have been waiting for.
The long awaited oil bid round was planned to hold early this year when the Department of Petroleum Resources (DPR) promised to conclude it before the end of the first quarter, but the second quarter of 2013 has ended without any hope of rolling out the bid round for some selected oil blocks in the country.
“We expect within the next couple of months a marginal bid round will be announced. We hope a major bid round will follow before the end of the year,” Minister of Petroleum Resources Diezani Alison- Madueke told Reuters in an interview, in October, 2012.
Read more: dailytrust.com.ng