The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries (OPEC) released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria.

Figures on world oil reserves by country as contained in the bulletin indicated that Nigeria’s oil reserves dropped from 37.45 billion barrels in 2016 to 36,91 billion barrels in 2020.

The Federal Government had repeatedly stated that it was making efforts to grow the country’s oil reserves with a medium-term target of 50 billion, in a bid to increase Nigeria’s revenue from crude sales.

Further analysis of the bulletin showed that the country’s oil reserves stayed at 37.45 billion barrels in 2017, before dropping to 36.97 billion barrels in 2018 and 36.89 billion barrels in 2019.

OPEC, an organisation that has Nigeria as a long-standing member, also stated that the country’s active oil rigs during the five years increased from nine in 2016 to 49 in 2020.

It further stated that Nigeria’s active crude oil rigs in 2017, 2018, and 2019 were 13, 32, and 17 respectively.

According to the cartel, the number of oil wells that were completed in Nigeria moved up from 76 in 2016 to 81 in 2020. Nigeria also completed 76, 81, and 100 oil wells in 2017, 2018, and 2019 respectively.

The report showed that the country’s average crude oil production was 1.43 million barrels per day in 2016, it then moved up to 1.54mbpd in 2017, 1.6mbpd in 2018, 1.74mbpd in 2019. Nigeria’s average daily oil production, however, dropped to 1.49mbpd in 2020, according to statistics released by OPEC.

In June this year, the Federal Government said moves to produce four million barrels of crude oil per day would be achieved through marginal oilfields.

Source: https://punchng.com/nigerias-oil-reserves-dropped-by-543-million-barrels-opec/?amp

Okay...I'm guessing that spells DOOM !

E don happen

More trouble's awaits this Buhari government.

Black market

Done deal

Everything don scatter for 9ja, make una sell the country give China people share money for everybody abeg ........even CNN don tire for una news

okay

[img]https://media1./images/75c8c2710201f413b5b50ac5cb1cf7a3/tenor.gif?itemid=15201741[/img]

Uncle lifeless at it again

The world is moving away from fossil fuels and we are here talking about oil reserves that nobody will be needing in 10 years to come.

AND IT WOULD KEEP DROPPING AND WHEN THE WORLD SHIFTS FROM INTERNAL COMBUSTION ENGINES TO ELECTRIC IT WOULD FURTHER DROP. ITS THE REASON WHY THE POWERS THAT BE HAVE ALLOWED YOU TO BUILD YOUR REFINERY AT LAST CAUSE THEY KNOW NO ONE IS GOING TO BE REFINERING OIL FOR UNA AGAIN CAUSE ITS LOST ITS VALUE SO GUESS WHAT YOUR OIL NA NIGERIANS GO DRINK AM LAST LAST ALL THESR YEARS SINCE OIL WAS DISCOVERED IN OLOIBIRI YOUR USELESS LEADERS REFUSED TO MAXIMISE THE POTENTIAL OF CRUDE OIL AND DIVEST THE ECONOMY NOW THE ONLY THING THEY CAN THINK OF TO RESTORE YOUR COUNTRY IS BY SHUTTING BDCS OR FREEZING DOM ACCOUNTS OR LAUNCHING E NAIRA UNA DEY MENTAL JUST SIT AND WATCH HOW THE BIGGEST BLACK COUNTRY IN THE WORLD IS GOING TO IMPLODE

We depends too much on oil body go tell all of us when oil becomes worthless, not that we even do anything with the money. that always ends up in the pocket of our potbelly politicians.

we are getting there gradually.

Ganvic:
The world is moving away from fossil fuels and we are here talking about oil reserves that nobody will be needing in 10 years to come.

This is an exaggeration, oil would still be valuable in 10 years time.

Emmastan291:

Source: https://punchng.com/nigerias-oil-reserves-dropped-by-543-million-barrels-opec/?amp

Oyel wey dem wan kill demselves upon.

Oil is beoning useless just like coal

oil

Praise the Lord!!!

Now it's Nigerian oil. If it's precious stones in zamfara. It will be zamfara's gold. Useless people.

chuksssz:
Nairalanders please check my Monika it's been 2013 i registered, please come to my aid i need just 1k to eat please come to my aid
Don't even mind to pay back please.

You mean 1k daily or just one day, if one day how do you eat tomorrow?

So this Govt, has been drilling more oil and yet borrowing more...
No wonder your frantic effort to find oil in the North as the one in the south is depleting...

Oil is not th future oooo, be like Dubai, Qatar.

ecomalchemist:
Okay...I'm guessing that spells DOOM !

Exactly

Nigeria my cuntiri

Everything he touches turns to worst.

Where is one man of God that said GEJ was badlock, that he touches our oil, our oil dried up.

Incompetence is very very BAD.

GOD please help US

Make the thing dry sef

Buhari is associated with bad luck

Someone should do the math for the South, so that our governors and leaders can know how many more years we will have oil money to squander and then move to abject poverty. Then, dog go chop dog.
Say we find more reserves and have 40 billion barrels estimate,


We produce 2 million bbls a day which roughly translates to 730 million bbls a year.

At this rate, in 27 - 30 years, oil will finish and we would love to abject poverty. We have to get it right Southerners.

Do your children a favour and give them a second country.

Yet Buhari will say no money

gwanggaeto:
Make the oil finish jare....
Local man like me never see oil rub for head talkless of seen the benefits of it in my life....





We are manufacturers of glues... Wallpaper Glues, Multi-purpose glue etc used for Wallpaper, POP screeding, Wood joining, carton and book binding etc..

Whatapps us on 0-7-0-349--5---222--9

Oil does not finish ..that's a hoax the world has as much oil as water