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Page added on February 22, 2020
Nigeria’s oil reserves to be depleted in 49 years – DPR
The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources.
The reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion barrels in 2015 and 36.74 billion barrels in 2016. It, however, rose to 36.97 billion barrels in 2017 and 37 billion barrels in 2018, the DPR data showed.
“The nation’s depletion rate and life index are 2.04 per cent and 49.03 years respectively,” the regulator said.
The reserves depletion rate is a measure of 2018 total oil and condensate production divided by the reserves as of January 1, 2019, according to the DPR.
It said, “This indicator gives a bird’s eye on an annual basis, what percentage proportion of the quoted reserves was produced.
“The life index, on the other hand, is a measure of the reserves as of January 1, 2019, divided by the total production in 2018. This parameter highlights how long (in years) quoted reserves volumes will be available for production.”
The DPR said to achieve the government’s aspiration of four million barrels per day production and reserves of 40 billion barrels, “there is a need for corresponding increase in reserves as production increases.”
He noted that if that was not done, “the life index will fall from a sustainable long-term threshold to a less futuristic and sustainable medium to short-term range.”
The nation’s oil and gas production structure is majorly split between Joint Ventures onshore and in shallow water with foreign and local companies, and the Production Sharing Contracts in deepwater offshore, to which most of the international oil companies have shifted their focus in recent years.
The JV operators, despite having the highest production (about 41.64 per cent) among all the contract types, recorded a low depletion rate of about 1.8 per cent and high life index of 56.34 years, according to the DPR.
It said the PSC companies had the highest depletion rate of 3.10 per cent and the lowest life index of 32.15 years, while accounting for about 36.08 per cent of the nation’s total production.
“Perhaps, the companies may have taken advantage of the poor government take in the deep offshore terrain to deplete the reserves therein with little regard for long-term sustainable production as amplified by the life index,” the regulator said in a report.
It said the sole risk companies had the lowest depletion rate of 1.5 per cent and the highest life index of 65.49 years.
The regulator said these companies accounted for about 20.14 per cent of the nation’s total production in 2018, adding, “This depletion rate does not reflect the fact these companies hold the second largest reserves of about 26.90 per cent.”
The marginal field operators produced about 2.14 per cent of the nation’s total production in 2018, with a depletion rate of about 2.7 per cent, life index of 36.83 years and a national reserves portfolio of 1.61 per cent.
The DPR said about nine operating companies, which it described as “unhealthy”, “have oil and condensate life index of less than 15 years.”
“The statistics paint a very gloomy picture for these companies and urgent steps will be taken to address this observed trend. The department is engaging the companies to review their strategic plan to guarantee future reserves growth in order for them to remain in business,” it said.
According to the regulator, as of January 1, 2019, the reserves replacement ratio, which measures the addition to reserves relative to the total production, for Nigeria’s oil and condensate reserves stood at four per cent.
It said “Though this shows a positive RRR, it is not an impressive performance as just four per cent of the 2018 annual production was replaced via net addition to reserves.
“The ideal scenario is when we have a 100 per cent RRR, i.e replace reserves at the same production rate. The RRR is used to judge the operating performance of the exploration and production industry. An RRR that is consistently over 100 per cent is ideal as it indicates that more reserve is being replaced than is produced.”
Last week, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said the nation’s oil sector had worsened as the uncertain fiscal environment put a damper on the investments badly needed to ramp up oil production and increase reserves.
He warned that most of the resources might have to be left in the ground if not explored and produced before the world moves away from oil.
He said, “If there is a lot of exploration, we believe that a lot of oil still remains to be found in Nigeria. And that is the beauty about Nigeria. Nigeria is not yet a mature territory; it is still very prolific.”
“There has been no targeted exploration for gas and yet we have 200 Tcf reserves. So, we believe that if we really go out looking for gas, we can find a lot more that will put us in the league of the most prolific in the world.
“Let us allow the investment to come into Nigeria, because there is still a lot of oil and gas to be found. Unfortunately, the bad news is that the world’s 2020 outlook tells you that by 2040, oil and gas will account for only 50 per cent of the energy of the world.”
71 Comments on "Nigeria’s oil reserves to be depleted in 49 years – DPR"
world grater supremacist muzzies jerk on Tue, 25th Feb 2020 8:12 am
I am juanpee. But y’all already new that.
world grater supremacist muzzies jerk on Tue, 25th Feb 2020 9:17 am
Modern love and a large part of that love is the uncompromising belief in secular humanism
Brotherhood of man and women (but failed to note that supremacist muzzies are no equal among peers. They’re supremacist goats teleported from 7th century) and worshipping of idols be it oprah or Kobe beef (substitute area of exemplar pursuit)
The mechanic is extensive use of high English
It should have been all along about the love for (((supremetard))) for without being inspired by him whitey supertard so sobieski wouldn’t have vanquished supremacist muzzies.
And the whole Europe today would be practicing the curious act of having tail end up the air 5 times a day
There is no reason to believe muzzies wouldn’t had applied the same inhumanity on Europe whiteys as did to dotheads
Duncan Idaho on Tue, 25th Feb 2020 9:49 am
1913 — US: Passage of the 16th Amendment to the Constitution, authorizing the federal government to tax income.
Duncan Idaho on Tue, 25th Feb 2020 10:21 am
U.S. Dependence on Pharmaceutical Products From China
https://www.cfr.org/blog/us-dependence-pharmaceutical-products-china
Might take note comrades- you might need them.
Davy on Tue, 25th Feb 2020 10:21 am
“Audi Suspends Electric Vehicle Production Due To Battery Shortage”
https://tinyurl.com/sujw25q zero hedge
“Audi has announced that it has suspended production of its e-Tron electric SUV effective February 20 and won’t resume until some point early this week. The suspension has been a resolve of “resolving production issues”, which are mainly attributed to bottlenecks in battery supply, according to Business Insider. Audi uses battery cells that are made by LG Chem and ran into similar battery supply chain issues last year.”
Davy on Tue, 25th Feb 2020 10:48 am
“Could Central Bankers Use Coronavirus as the Scapegoat to Deflect Blame for the Next Imminent Global Economic Crisis?”
https://tinyurl.com/tefkz4a zero Hedge
“We all know that Henry Kissinger famously stated in an interview, shortly after Barack Obama was elected President of the United States in 2009, that a crisis should be viewed as a “great opportunity” to implement massive changes that otherwise would not be accepted under normal societal conditions. Author Naomi Klein also discussed this subject in length, in her book The Shock Doctrine, of how those in power use, and even sometimes deliberately manufacture crises in order to create weakened and susceptible psychological states in citizens that allow them to implement changes in the global power structure within months that would otherwise take years to achieve (by the way, if you want to read The Shock Doctrine, a highly engaging and informative book, please patronize your local book store instead of buying it from Amazon). Keeping these known historical facts in mind, could Central Bankers use the coronavirus pandemic in an opportunistic, Machiavellian manner to scapegoat coronavirus as the source of blame for the next imminent global economic crisis that they manufactured? In light of Event 201, this connection that may seem to be far-fetched at first glance suddenly becomes much more realistic. What was Event 201? Event 201 was a viral pandemic exercise hosted by The Johns Hopkins Center for Health Security in partnership with the World Economic Forum and the Bill and Melinda Gates Foundation on October 18, 2019, in New York, NY that preceded the first known confirmed cases of the Wuhan coronavirus pandemic later that year in December of 2019. In a fiction monologue delivered by an actor at that forum, the delivered monologue discussed a viral outbreak that killed 65 million people in the first six months after Patient Zero and then spread to nearly every nation in the world by month number six of the pandemic. Other consequences of the viral pandemic were a plunge of 20% to 40% in global stock markets, a complete shutdown of bank lending to businesses, and a global economic downturn that lasted for more than a decade. I have been discussing an impending implosion of the Bubble of Everything for a while now that predicted would results in the US stock market collapsing by a minimum of 50% and ushering in devastating wealth destruction that would exceed that of the 2008 global financial crisis and last for decades. I’ve even provided specific events to track that will mark the “point of no return” in the next impending global economic crisis. My predictions sound eerily similar to the “predicted” consequences of a viral epidemic simulation presented at Event 201. Considering this, could the coronavirus pandemic, now that it is a reality, present the perfect scapegoat for the massive problems created by Central Bankers and be used by Central Bankers as the excuse for the imminent wealth destruction that is on the way, that would have happened without the presence of the Wuhan coronavirus pandemic?“
JuanP on Tue, 25th Feb 2020 11:40 am
Could Central Bankers Use Coronavirus as the Scapegoat to Deflect Blame for the Next Imminent Global Economic Crisis?
markets, a complete shutdown of bank lending to businesses, and a global economic downturn that lasted for more than a decade. I have been discussing an impending implosion of the Bubble of used by Central Bankers as the excuse for the imminent wealth destruction that is on the way, that would have happened without the presence of the Wuhan coronavirus pandemic?Barack Obama was elected President of the United States in 2009, that a crisis should be viewed as a “great opportunity” to implement massive changes that otherwise would not be accepted under normal societal conditions. Author Naomi Klein also discussed this subject in length, in her book The Shock Doctrine, of how those in power use, and even sometimes deliberately manufacture crises in order to create weakened and susceptible psychological states in citizens that allow them to implement changes in the global power structure within months that would otherwise take years to achieve (by the way, if you want to read The Shock We all know that Henry Kissinger famously stated in an interview, shortly after Everything for a while now that predicted would results in the US stock market collapsing by a minimum of 50% and ushering in devastating wealth destruction that would exceed that of the 2008 global financial crisis and last for decades. I’ve even provided specific events to track that will mark the “point of no return” in the next impending global economic crisis. My predictions sound eerily similar to the “predicted” consequences of a viral epidemic simulation presented at Event 201. Considering this, could the coronavirus pandemic, now that it is a reality, present the perfect scapegoat for the massive problems created by Central Bankers and be Doctrine, a highly engaging and informative book, please patronize your local book store instead of buying it from Amazon). Keeping these known historical facts in mind, could Central Bankers use the coronavirus pandemic in an opportunistic, Machiavellian manner to scapegoat coronavirus as the source of blame for the next imminent global economic crisis that they manufactured? In light of Event 201, this connection that may seem to be far-fetched at first glance suddenly becomes much more realistic. What was Event 201? Event 201 was a viral pandemic exercise hosted by The Johns Hopkins Center for Health Security in partnership with the World Economic Forum and the Bill and Melinda Gates Foundation on October 18, 2019, in New York, NY that preceded the first known confirmed cases of the Wuhan coronavirus pandemic later that year in December of 2019. In a fiction monologue delivered by an actor at that forum, the delivered monologue discussed a viral outbreak that killed 65 million people in the first six months after Patient Zero and then spread to nearly every nation in the world by month number six of the pandemic. Other consequences of the viral pandemic were a plunge of 20% to 40% in global stock
Anonymouse on Tue, 25th Feb 2020 11:42 am
Hey, dumbass, where did you find that copy and paste? It is all screwed up like your stupid mind.
Davy on Tue, 25th Feb 2020 11:46 am
We got it over at zero hedge. Like most everything we copy and paste.
stupid
JuanP on Tue, 25th Feb 2020 11:52 am
I got it over at zero hedge. Like most everything I copy and paste.
stupid
Richard Guunette on Tue, 25th Feb 2020 11:53 am
Juan, you are a forum fuckster. Please leave and never come back.
world grater supremacist muzzies jerk on Tue, 25th Feb 2020 11:54 am
please children I can’t take violence stop this or i will go crazy like junPee
Davy on Tue, 25th Feb 2020 11:58 am
JuanP is me.
JuanP on Tue, 25th Feb 2020 12:30 pm
JuanP is me and I suck
Davy on Tue, 25th Feb 2020 12:49 pm
Richard Guunette Is me to.
JuanP on Tue, 25th Feb 2020 1:01 pm
Richard Be my friend. I don’t have any fiends. Mak even hates me now.
Davy on Tue, 25th Feb 2020 1:19 pm
“COVID-19 (Coronavirus) Economic Impact Sweeps Down on Global Economy Like a Fat Black Swan”
https://tinyurl.com/yx5znsfk zero hedge
“It is the senseless things of this world that sometimes knock sense into the high and mighty whose hubris causes them to believe they cannot fall. In this case, the tiny COVID-19 virus (coronavirus) is bringing down a global house of cards long perched to fall — locks, stocks, and barrels of oil. Stock investors thought the over-Fed market’s bull run would prove immortal, but all the overripe market needed was for a fat, black swan to drop down on the market’s head and knock some sense into it. Economic damage worldwide, however, is far from limited to stocks. Some of it seems almost silly or bizarre, but such is the case when the entire global economy is already in ill health, having survived on Fedmed for a decade. The economic impact of this little virus is already pandemic. While it is fear more than actual health problems that has apparently kicked the entire world in the butt right now, the lack of medical reality big enough to merit the fear does not in any way diminish the reality of fear’s economic impact.”
JuanP on Tue, 25th Feb 2020 1:45 pm
I saws this over on the hegge and me thinks you might be intereested:
a Fat Black Swan COVID-19 (Coronavirus) Economic Impact Sweeps Down on Global Economy Like
The economic impact of this little virus is already pandemic. While it is fear more than actual health problems that has apparently kicked the entire world in the butt right now, the lack of medical reality big enough to merit the fear does not in any way diminish It is the senseless things of this world that sometimes knock sense into the high and mighty whose hubris causes them to believe market’s head and knock some sense into it. Economic damage worldwide, however, is far from limited to stocks. Some of it seems almost silly or bizarre, but such is the case when the entire global economy is already in ill they cannot fall. In this case, the tiny COVID-19 virus (coronavirus) is bringing down a global house of cards long perched to fall — locks, stocks, and barrels of oil. Stock investors thought the over-Fed market’s bull run would prove immortal, but all the overripe market needed was for a fat, black swan to drop down on the health, having survived on Fedmed for a decade the reality of fear’s economic impact.”
Davy on Tue, 25th Feb 2020 1:55 pm
We get all are news from the hedge. Theirs no reason for us to think for ourselfs that way.
JuanP on Tue, 25th Feb 2020 2:02 pm
I get all my porn from the hedje. Theirs no reason for us to think becuase I am low IQ that way.
Davy on Tue, 25th Feb 2020 2:16 pm
They dont even have goat porn on the hedje juanpee. We should no.
stupid