Oil Reserves may dry up in 30yrs

The President of the Nigerian Association of Petroleum Explorationists (NAPE), Nosa Omorodion, said at a media briefing to announce the programme schedule for NAPE’s yearly conference, that the country’s crude oil reserves may dry up in the next 30 years as reported by The Guardian.

According to Omorodion, there is the need for government and investors to look beyond the Niger Delta to other frontiers with potential for hydrocarbon resources. He decried the lack of exploration in the country’s oil and gas sector, and called on the Federal Government to survey the Frontier Sedimentary Basins, which include Bida Dahomey, Anambra, Gongola, and Sokoto.

Nigeria’s crude oil production has been depleting in the last five years, dropping from 37 billion barrels to 28.2 billion, according to latest figure from the Nigerian National Petroleum Corporation (NNPC). The situation has also made NNPC Group Managing Director, Maikanti Baru, issue warnings that the country could be facing more economic challenges given the steady decline of its crude oil reserves.