Nigeria’s oil reserve dropped by 1.4% to 36,910 million barrels in five years – OPEC


Oil Market: Global demand to grow by 6 mb/d in 2021 ― OPEC

By Udeme Akpan

THE Organisation of Petroleum Exporting Countries, OPEC, Thursday, disclosed that Nigeria’s crude oil reserves dropped to 36,910 million barrels in 2020, from 37,453 million barrels in 2016, indicating a decrease of 1.4 per cent or 543 million barrels in five years.

In its just-released 2021 Annual Statistical Bulletin, OPEC disclosed that, the nation’s oil reserves hovered at 37,453 million barrels in 2017, before sliding to 36,972 million barrels in 2018 and 36,890 million barrels in 2019.

The organization further noted the low deployment of rigs for exploration, which stood at 49 in 2020, due mainly to limited investment in the nation’s oil and gas industry.

However, it stated that the number of oil wells completed increased slightly to 81 in 2020, from 76 in 2016, adding that 76, 81 and 100 oil wells were completed in 2017, 2018 and 2019 respectively.

Also, OPEC maintained that the average daily oil production in 2020 stood at 1.486 million barrels, while the…

Source: Vanguard Newspaper