By Chineme Okafor
The Nigerian National Petroleum Corporation (NNPC) has disclosed that the volume of oil deposits Nigeria holds declined by 2.16 per cent between 2018 and 2019 and is now 36.89 barrels (bbls).
While the country’s oil deposit reduced by this amount, the corporation however noted that it recorded a 1.27 per cent increase in natural gas reserves within the period. It explained that 39 wells were drilled out of which 37 are development wells while two are exploratory wells.
By definition, development wells are by industry standards drilled in proven oil producing areas for oil or gas production while exploratory wells are initially drilled to locate proven reserves of recoverable oil and gas onshore and offshore.
In NNPC’s Annual Statistical Bulletin (ASB) for 2019 which was obtained by THISDAY, the corporation noted that, “the aggregate hydrocarbon reserves are 36.89 billion barrels of oil and condensate and 203.45…
Source: Thisday Newspaper