Nigeria's oil reserves reach 35 bn barrels

Apr 20, 2005 02:00 AM

Nigeria's crude oil reserves reached 35 bn barrels by the end of March 2005, an increase of 40 % compared with 25 bn barrels recorded in 1999.
Godwin Billy Agha, deputy director of the Department of Petroleum Resources, was quoted as saying that the significant growth in reserves was achieved "through rigorous exploitation, especially in the deep offshore."

He added that "the Niger Delta Basin alone at present holds 30 bn barrels of reserves, while the deep-offshore holds 5 bn barrels."
According to him, Nigeria will surpass the 40 bn barrels reserves and $ 30 bn annual oil revenue by 2010. Seventeen companies operating in the deep offshore were presently drilling 156 wells, he said, adding that the 40 bn barrels reserves target set for 2010 by the government might be achieved ahead of the 2010 deadline.

Nigeria is the largest oil producer in Africa and the sixth largest oil exporter in the world, with a crude output of over 2.5 mm bpd.
Oil income accounts for 85 % of the nation'sannual revenue.

Source: People's Daily Online
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