₦airaland Forum

In 2011 Nigeria had 37 billion barrels of proven oil reserves

http://www.opec.org/opec_web/en/about_us/167.htm
We currently produce about 2million barrels daily i.e 730 million or 0.73 billion barrels a year meaning from 2011 we had 37/0.73 years of oil under the ground based on a production of 2million barrels daily i.e about 50 years .

Nigeria will run out of oil in 2061. In fact it could be earlier because the efficiency of extraction is never 100%

Roughly 45 years left so many who are alive today will witness it maybe. Of that 45 years a significant amount has already been borrowed and spent by the outgoing governments at different levels particularly the FG.
So I think it would be a good thing if the Niger Delta carries out their threat to stop production.We might as well speed things up and face what is indeed an inevitabilty

exploration developments in the chad basin might increase that figure.

Our Agricultural sector is booming thanks to GEJ n the minister! GEJ my HERO! FAYOSE my ROLE MODEL!!

shakazuldadon:
exploration developments in the chad basin might increase that figure.

They might and they might not If they did for how many years?? .What we know now is the reality

Forget that thing,

We have been tapping oil in just d agbada basin (FM) for over 60 yrs and billions of fields yet untapped.

Anambra basin just proved to have reserve recently and d bida basin as well.

Oando rig and conoil rigs for d first time hit d Akata Formation at about 5000 meters ( I am a witness) and it was OMG! We lost control of situations respectively, Italian Enigneers wia flown in but with d help of some Nija rugged heads, we rescued everything to live.

Una never see reserve till u hit Akata FM.

All dose tins na excuse wey shell give to people when GEJ asked them out of our land locations so that local contents would do d work.

It can't be true bro. Am a geologist and working in d field as well.

Dnt panic, Nija get d game.

Mrbigman1:
Forget that thing,

We have been tapping oil in just d agbada basin (FM) for over 60 yrs and billions of fields yet untapped.

Anambra basin just proved to have reserve recently and d bida basin as well.

Oando rig and conoil rigs for d first time hit d Akata Formation at about 5000 meters ( I am a witness) and it was OMG! We lost control of situations respectively, Italian Enigneers wia flown in but with d help of some Nija rugged heads, we rescued everything to live.

Una never see reserve till u hit Akata FM.

All dose tins na excuse wey shell give to people when GEJ asked them out of our land locations so that local contents would do d work.

It can't be true bro. Am a geologist and working in d field as well.

Dnt panic, Nija get d game.

If you are a geologist why not make an effort and write like someone that actually went to a university.
Billions of fields? 60 years ? Really?
God!!
How many barrels of oil are in the Akata formation?

omonnakoda:
If you are a geologist why not make an effort and write like someone that actually went to a university.
Billions of fields? 60 years ? Really?
God!!
How many barrels of oil are in the Akata formation?

Oga/madam,

Am not here to contest with u, or calling for insulting replies.

Sire Emeka ofor geophysical ships and other french ships are in bonga field, the ukot field we just explored, d Usan field has about a thousand wells left and many other fields.

Tinibu and his oando we winning and buying a lot of fields un explored.

So mr. Please present ur point and let's see what u've got cos u can't intimidate me

omonnakoda:
If you are a geologist why not make an effort and write like someone that actually went to a university.
Billions of fields? 60 years ? Really?
God!!
How many barrels of oil are in the Akata formation?

And mr man, I worked over an Agip feild in ebocha in that started producing in 1957 and I can authoritatively tell u that OES (agip) and conoil ( German rig) re d only rigs dat have reached the Akata formation and drilling lasted for 8 months and over a year respectively.

Gimme ur point mr. Read news

Mrbigman1:
And mr man, I worked over an Agip feild in ebocha in that started producing in 1957 and I can authoritatively tell u that OES (agip) and conoil ( German rig) re d only rigs dat have reached the Akata formation and drilling lasted for 8 months and over a year respectively.

Gimme ur point mr. Read news

I gave a figure from OPEC 37 billions you say this is untrue can you provide an alternative figure and a source otherwise we will be here till the oil dries up. Data facts and figures that is all that matters.One would expect no less from a "GEOLOGIST"

Mrbigman1:
Forget that thing,

We have been tapping oil in just d agbada basin (FM) for over 60 yrs and billions of fields yet untapped.

Nigeria has been producing oil for just under 60 years if we are to speak with precision(Not OVER 60 as you claim)

omonnakoda:
I gave a figure from OPEC 37 billions you say this is untrue can you provide an alternative figure and a source otherwise we will be here till the oil dries up. Data facts and figures that is all that matters.One would expect no less from a "GEOLOGIST"
Nigeria has been producing oil for just under 60 years if we are to speak with precision(Not OVER 60 as you claim)

OPEC's figure talks about proven oil reserves. More exploration activities are being carried out everyday and more reserves are being discovered.

eCollynzo:
OPEC's figure talks about proven oil reserves. More exploration activities are being carried out everyday and more reserves are being discovered.

Good you are a "geologist" Take a look at the title of this thread and tell me whether there is any other basis to discuss the subject other than what id PROVEN.Also take a look at what you debuted with and reflect whether you are a credit to geologists? I do not have to be a geologist to know and recognize professionalism.If significant reserves are found one would expect records to be updated . Please!!

omonnakoda:
Good you are a "geologist" Take a look at the title of this thread and tell me whether there is any other basis to discuss the subject other than what id PROVEN.Also take a look at what you debuted with and reflect whether you are a credit to geologists? I do not have to be a geologist to know and recognize professionalism.If significant reserves are found one would expect records to be updated . Please!!

When did I claim to be a geologist?
Anyway, even if the current reserves will last for only 50 years, it still a long time away and a lot could change in that time.

eCollynzo:
When did I claim to be a geologist?
Anyway, even if the current reserves will last for only 50 years, it still a long time away and a lot could change in that time.

Sorry I thought it was that person.Yes alot could change but we cannot plan with what might be but with what is .
Of the 45 years that is left in the ground we have already started spending even before bringing it out by borrowing on which we will pay interest. Based on that I think we should encourage the Niger Delta militants to carry out their threat to production since that is an inevitability. The most important resource in the world is the DEVELOPED human brain. Let us focus on that in Nigeria

omonnakoda:
Sorry I thought it was that person.Yes alot could change but we cannot splant with what might be but with what is . Based on that I think we should encourage the Niger Delta militants to carry out their threat to production since that is an inevitability. The most important resource in the world is the DEVELOPED human brain. Let us focus on that in Nigeria

I have a better idea, instead of waiting for militants to destroy oil installations, why not allow them control their oil while others look for alternatives?

eCollynzo:
I have a better idea, instead of waiting for militants to destroy oil installations, why not allow them control their oil while others look for alternatives?

Good discuss that with your senator and other elected representatives

omonnakoda:
Good discuss that with your senator and other elected representatives

Yeah, now that they are all in opposition, expect to hear more from them about it!

eCollynzo:
Yeah, now that they are all in opposition, expect to hear more from them about it!

That is the "sophisticated" way. But if it is the same red caps that we know I doubt it very much.They have been there for ever and always sold out

omonnakoda:
That is the "sophisticated" way. But if it is the same red caps that we know I doubt it very much.They have been there for ever and always sold out

You will be seeing more of bowler hats than red caps.

They are sensible folk