12years ago they said its 30yrs til our reserve is depleted. 12yrs later, its 41yrs! Did they drill d ground and measure barrel by barrel?? Dats how dey'v bin predicting doom 4 our economy and nationhood,yet we stil thrive. Make dm park wel jor.

Very funny! Even at this present state, you assert that 9ja is thriving.. What generation are you living in?

Dem don suck us dry,still get mind to tell us when we go die

Pls is there any way of fast tracking this depletion...let it end in the next two years so we can make use of our brains

Virtueways: WHOA! great news. where will you be in 41years time? THE LOOTER OR THE LOOTED?

i'll be in Hell

41 yrs,too far.let it end now.

ALLAH Is the All-Knowing. D Creator of the universe, Lord of Worlds. He knows what man knows not even before our creation.

Man can only just predict. Oil and gas generation became prevalent during d Cretaceous period wher most animals die as a result of weather change and meteorite impact on earth. The Cenozoic boundary defines this alteration.

However, in the Niger Delta province, oil and gas generation occured mainly during Eocene to Holocene.

Futhermore, after a comprehensive study of d stratigraphic and d sedimentological xteristics of d Niger Delta province Formation, it was concluded dat d Akata Formation consists of d main source rock ( a rock dat produces petroleum through diagenesis (only oil formed) , catagenesis (oil and gas formed) and metagenesis (only gas formed) e.g shale)

Recently dis theory was opposed as further research indicates dat Agbada Formation is d source rock- what a discrepancy

However, GOD has ordained us to seek for knowledge. The Holy Qur'an, chapter 96 vs 1 - 5 signifies man to seek for knowledge.

SO world bank has gone beyond banking now to conspiracy theories. Na by force to receive loans ?

Jeez! Can't y'all read and understand? The report says 2011 oil production level will drop in 41yrs time at this current rate of production. It didn't say oil wells will dry up in 41yrs. IT'S SIMPLE ENOUGH!!!!!!!! Fvck!!!!

Na una papa put am dere abi? World bank u tok shit

Danka7777:

Brainwashed piece of shit. You believe whatever they tell you? If you still trust World Bank in this day and age, particularly if you are black, then something must be wrong with you or you have no knowledge of history. Please don't result to challenge me if you haven't read the book: Confessions of an Economic Hit Man.

wow i never claimed to say the statement was true, i only highlighted the importance of such methodology,i don't need to read any book to have a common sense of planning,it shows how you process thoughts and i recommend you argue constructively. here's a smiley to brighten your day

Kelskelly: It's amazing the kind of comments I see on this forum. This country is in real trouble if this is the mentality of our generation. I have just a few points.
1. This is a clear analytical work. It's a combo of geology, geophysics, reservoir engineering and mathematics. I can't understand people asking if they are God. Did God ever say oil will last forever?
2. The analysis is based on proven reserves and current depletion rate. At approx 2.5m bpd, that's how lond it will last. If you don't understand how it works, then shut up. You don't have to comment.
3. The present technology for offshore and deep offshore wells are designed to deplete the reservoirs as fast as possible (high oil prices, better economic). Moreover most wells are designed to last for about 20yrs as after this time, he accessories start to fall apart. Workovers are very expensive in deep water wells.
4. Exploration has drastically reduced as all investors are tired of the thieves we have as govt officials. Why explore in a den of thieves when I can explore in Ghana? So addition to the proven reserves is very slow compared to our exploitation.
5. For all those saying we have unproven reserves, you are right we have them, but I hope you know what the word unproven means.

My last word, if you are ignorant about a topic, please leave the thread. There are topics about davido and Tinto dikeh for you. Don't display your blatant ignorance for the world to see. This is my last warning.

I agree with some of the above but some of the 'so called ignorant comments' are the reasons we need to learn from one another. Let us consider these:

1) Every oil field will peak (Oloibiri may still be producing but not at the same rate at its peak)
2) Can any of the national agencies come out with accurate forecast. This is sad but true the 'so called foreigners' know our land better than us - the Niger Delta reservoirs are not foreign to them.
3) Are the production data collected at our flow stations/terminals reliable? When all the national agencies cannot come to agreement on oil consumption during fuel subsidy probe.
4) What is the effect of oil bunkering on any forecast? Oil may finish earlier than projected depending of level of illegal activities.
5) Oil is the cause of Nigeria's problem and so when it finishes that is the end of our problem. No doubt oil has contributed to our problems but our main problem is human greediness (selfishness). There are countries blessed with oil who have not allowed the blessing to turn into a curse. Let us assume all our oil field peaks today, we still have large deposit of bitumen! So when the the oil finishes, will that be the end of our greediness, tribalism and religious bigotry?

[color=#990000][/color] ok na make we dey see na

41yrs is still too long, then we can return to good old farming, we have acted like a pig with a gold chain round its neck, very soon we will return to the gutter where we originally belong

bad belle onyibo pple... naija oil no dey go anywhr. its Gods gift to our great nation. dey always talk about nigerias oil getting depleted but how about countries like russia or middleeastern countries. na only africa dey always get depletion stories. abeg make dem free us joor

It may be true it may not. One thing we should not forget though is that often world organisations are used for more than just information. I wonder if it is a coincidence that when Nigeria is about to change the oil industry to a tune which benefits it more and companies like Shell less....they begin to broadcast such "news". Anyhoo........dont we have one of the largest gas reserves in the world?

Either way.........no one is guaranteed tomorrow. There are counties with zero oil that are managing to be some of the best economies in the world.

Oil was never supposed to be the be all and end all of Nigeria. We are yet to even scrath the surface of our resources. Both human and agr[b][/b]icultural.

REALLY BAD NEWS. HOPE IT WAS 41 DAYS. SO THAT EVERY1 WILL GO BACK TO HIS FARM AND FORGET ABOUT LOOTING AND STEALING. MOFOS.