Posted by Xinhua on
Nigeria's crude oil reserves reached 35 billion barrels by the end of March 2005, an increase of 40 percent compared with 25 billion barrels recorded in 1999, local newspaper The Punch reported Tuesday.
Nigeria's crude oil reserves reached 35 billion barrels by the end of March 2005, an increase of 40 percent compared with 25 billion barrels recorded in 1999, local newspaper The Punch reported Tuesday.
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 billion barrels of reserves, while the deep-offshore holds five billion barrels."
According to him, Nigeria will surpass the 40 billion barrels reserves and 30 billion US dollars annual oil revenue by 2010.
Seventeen companies operating in the deep offshore were presently drilling 156 wells, he said, adding that the 40 billion 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 million barrels per day. Oil income accounts for 85 percent of the nation's annual revenue.
Source: Xinhua