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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 (OPEC) released on Wednesday showed a drop of 543 million barrels in the crude oil reserves of Nigeria.

Figures on world oil reserves by country as contained in the bulletin indicated that Nigeria’s oil reserves dropped from 37.45 billion barrels in 2016 to 36,91 billion barrels in 2020.

The Federal Government had repeatedly stated that it was making efforts to grow the country’s oil reserves with a medium-term target of 50 billion, in a bid to increase Nigeria’s revenue from crude sales.

Further analysis of the bulletin showed that the country’s oil reserves stayed at 37.45 billion barrels in 2017, before dropping to 36.97 billion barrels in 2018 and 36.89 billion 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 years 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. Nigeria also completed 76, 81, and 100 oil wells in 2017, 2018, and 2019 respectively.

The report showed that the country’s average crude oil production was 1.43 million barrels per day in 2016, it then moved up to 1.54mbpd in 2017, 1.6mbpd in 2018, 1.74mbpd in 2019. Nigeria’s average daily oil production, however, dropped to 1.49mbpd in 2020, according to statistics released by OPEC.

In June this year, the Federal Government said moves to produce four million barrels of crude oil per day would be achieved through marginal oilfields.

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