Nigeria's oil reserve may last 46 years

Nigeria's current oil reserve life index has been put at about 45.75 years while current oil reserves depletion rate is also placed at 2.23 % based on an estimated annual production rate of 730.90 mm barrels.
This was disclosed by the Acting Director of Petroleum Resources Alhaji Aliyu Sabonbir, during the recently held quarterly media briefing at the Department of Petroleum Resources headquarters in Lagos.

According to him, recent statistics have shown that crude oil production for 2007 was 805.1 mm barrels with an average of 2.21 mm boepd while 2008 2nd half technical allowable rests at 2.4 mm boepd as against 2.7 mm boepd in the 1st half of 2008.
The Director also pegged current average daily production as at August 2008 at 2.108 mm boepd with current production from deep offshore staying at 458,542 boepd.

Sabonbir who was aptly represented at the event by the Director of Gas, Mr Billy Agha also stated that four speculative survey companies are currently operating in Nigeria and these include Mabon, Veritas/Digital Exploration and TGS/Tatnet Nigeria.
The purpose of the programme, according to him, is to further open up Nigeria deep offshore to aggressive exploration while still generating revenue for Government. These companies conducted these surveys (2-D and 3-D seismic surveys) at no cost to Government.

He said that the SPDC is currently making efforts to commence operations at the Western location and the remaining locations in the East. And that the affected companies include SPDC, Express, Elf (in western area), NAOC's Beniboye flow-station, NPDC, Dubri, SNEPCO's EA field and Cavendish while Cavendish's Obe field was shut down due to dry docking of the FPSO.
Speaking on the marginal field operators, the Director stated that Pre-Commissioning exercise of Platform Petroleum Umutu/Asuokpo Fields production facilities was on-going in OML-38, while Niger Delta's Ogbelle, Platform Petroleum's Umutu and Walter Smith's Ibigwe are currently on production.

Midwestern's Oil began production in its Umusadege field in 2nd Qtr.
He further stated that Universal Energy Stubb Creek FDP, Allied Energy Oyo FDP, Prime Energy Assaramatoru FDP, Bayelsa Atala FDP and Midwestern Oil Umusadege FDP reviews are on-going and are at advanced stages of completion.