Nigerian oil reserves reach 30 bn barrels
Nigeria's oil reserves have hit 30 bn barrels and further increases in production are expected, President Olusegun
Obasanjo's adviser on petroleum Rilwanu Lukman said. "I wish to inform you that as of today... we have achieved our
target of 30 bn barrels, which incidentally we had not planned to do until 2003," Lukman told.
Nigeria now also has the world's seventh largest natural gas reserves, with 159 tcf, said Lukman, who is also president of OPEC. "As the country progresses towards its aspiration of attaining oil reserves of 40 bn barrels and productability of 4 mm bpd by 2010, gas production may increase to 7.1 bn cfpd," he said.
Gas production now stands at 3.8 bn cfpd. The increase in gas production would come hand in hand with an end to the
practice of gas flaring, where energy firms burn off tonnes of gas around oil wells, he said.
This would end by 2008, he said, by which time a major gas pipeline would link Nigeria, Ghana, Benin and Togo to export the substance around the region, he said. "The project, when completed will deliver about 400 mm standard cfpd of gas to the west African sub-region... enhancing energy self-sufficiency," Lukman said.