Report predicts bleak future for Nigeria’s oil, gas reserves
Friday, 25 May 2012 00:00 By Sulaimon Salau Business Services - Business News

A NEW report published by the Business Monitor International has predicted a bleak future for Nigeria’s oil and gas reserve base. While the oil reserve has been estimated to peak at about 40.05 billion barrels in 2016, it will later decline to 27.90 billion barrels by 2021.

The 46 per cent decline may have been premised on the speculations that Nigeria’s oil and gas reserves will decline and may eventually dry up in the next 45 years.

However, the recent trend of investment in the industry due to uncertainty over the delayed Petroleum Industry Bill (PIB) may be postulating the same.[/center][center]

Read complete report here: http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=87137:report-predicts-bleak-future-for-nigerias-oil-gas-reserves&catid=31:business&Itemid=562

I hope our leaders take note of this and begin to diversify the economy. The UAE decided to transform dubai into a must-go in tourism in anticipation of when their reserves run out in 2016. I guess our leaders don't really conceive that we would ever run out of the black gold.

I believe it will first hit Nigeria when UAE runs out of oil and gas in 2016 as predicted. The good thing is they've built an alternative; tourism.

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