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Nigeria’s oil reserves dropped by 543 million barrels – OPEC

The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria.

Figures on world proven oil reserves by country as contained in the bulletin indicated that Nigeria’s oil reserves dropped from 37,453 million barrels in 2016 to 36,910 million barrels in 2020.

The Federal Government had repeatedly stated that it was making efforts to grow the country’s oil reserves in a bid to increase Nigeria’s revenue from crude sales.

Further analysis of the latest OPEC bulletin showed that the country’s oil reserves stayed at 37,453 million barrels in 2017, before dropping to 36,972 million barrels in 2018 and 36,890 million barrels in 2019.

OPEC, an organisation that has Nigeria as a long-standing member, also stated that the country’s active oil rigs during the five-year period increased from nine in 2016 to 49 in 2020.

It further stated that Nigeria’s active crude oil rigs in 2017, 2018 and 2019 were 13, 32 and 17 respectively.

According to the cartel, the number of oil wells that were completed in Nigeria moved up from 76 in 2016 to 81 in 2020.

The country also completed 76, 81 and 100 oil wells in 2017, 2018 and 2019 respectively.

On daily and cumulative crude oil production, OPEC stated that the average daily production of oil in Nigeria in 2020 was 1.486 million barrels, while the cumulative production in same year was 34.42 billion barrels.

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