The Department of Petroleum Resources (DPR) on Tuesday
disclosed that Nigeria’s crude oil reserves currently stand at 35
billion barrels (bb), thus dropping by 2bb (about 5.4 per cent) from
37bb that it was.
Director of DPR, Mr. George Osahon stated this during the
ongoing 2014 edition of the Nigerian Oil and Gas (NOG-14)
conference in Abuja.
The session which had the Vice President of Shell Upstream
International, Markus Droll, Managing Director of the Nigeria
Liquefied Natural Gas (NLNG), Babs Omotowa and Group Chief
Executive of Oando Plc, Wale Tinubu in attendance, revolved
around Nigeria’s growth strategies for her oil and gas industry
with specific emphasis on what she should do to retain her current
position as Africa’s leading crude oil producer.
Osahon in his presentation raised the alarm on the declining
reserve. He also explained that the federal government was relying
on operators in the country’s oil and gas sector to swiftly commit
to greater Exploration and Production (E&P) activities in the
petroleum industry in view of drop in reserves.
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