Nigeria’s crude oil reserves dip by 600m barrels

Report of British Petroleum (BP) Statistical Review 2021 says Nigeria’s crude oil reserves declined by about 600 million barrels between 2017 and 2020.

The decline it says hinged on the back of reducing investments in the last few years.

It says that a three year period, Nigeria’s reserves did not grow, but rather fell from 37.5 billion barrels to 36.9 billion barrels in 2020.

But to resolve the issue, the new Petroleum Industry Act (PIA) has earmarked 30 per cent of profit oil and profit gas from the Nigerian National Petroleum Corporation (NNPC) exploration services, in a bid to beef up the country’s reserves.

With deteriorating facilities Nigeria was in July and August unable to meet the quota allocated to it by the Organisation of Petroleum Exporting Countries (OPEC).

A report by Mordor, a market intelligence and consulting services firm, said that the COVID-19 pandemic had significantly hampered the growth of the market in Nigeria, mainly due to global oil and gas demand contraction and global economic slowdown.

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