Oil reserves in Nigeria
Encyclopedia
Although Libya
has more reserves, there were 36.2 Goilbbl of proven oil reserves
in Nigeria
as of 2007, ranking the country as the largest oil producer in Africa and the 11th largest in the world, averaging 2.28 Moilbbl/d in 2006. At current rates this would be 43 years of supply if no new oil was found. Pipeline vandalism, kidnappings, and militant takeover of oil facilities have reduced production, which could be increased to 3 Moilbbl/d in the absence of such problems. The Nigerian government hopes to increase oil production capacity to 4 Moilbbl/d by 2010. Nigeria is the world’s eighth largest exporter of crude oil and sends 42% of its exports to the United States. Nigeria is heavily dependent on the oil sector, which accounts for 95% of its export revenues.
have an agreement in which the Joint Development Authority was created to explore and produce oil in the waters between Sao Tome and Nigeria. Nigeria and Sao Tome share this area, called the Joint Development Zone, or JDZ. This area could contain up to, or over, 14 billion barrels of oil. In 2006, Chevron
drilled an exploratory well called OBO-1 and news reports came out that they had discovered over a thousand million barrels of oil in block 1 alone. The news, reported on CNN, AP,
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
has more reserves, there were 36.2 Goilbbl of proven oil reserves
Oil reserves
The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is...
in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
as of 2007, ranking the country as the largest oil producer in Africa and the 11th largest in the world, averaging 2.28 Moilbbl/d in 2006. At current rates this would be 43 years of supply if no new oil was found. Pipeline vandalism, kidnappings, and militant takeover of oil facilities have reduced production, which could be increased to 3 Moilbbl/d in the absence of such problems. The Nigerian government hopes to increase oil production capacity to 4 Moilbbl/d by 2010. Nigeria is the world’s eighth largest exporter of crude oil and sends 42% of its exports to the United States. Nigeria is heavily dependent on the oil sector, which accounts for 95% of its export revenues.
Prospective resources
Nigeria and São ToméSão Tomé and Príncipe
São Tomé and Príncipe, officially the Democratic Republic of São Tomé and Príncipe, is a Portuguese-speaking island nation in the Gulf of Guinea, off the western equatorial coast of Central Africa. It consists of two islands: São Tomé and Príncipe, located about apart and about , respectively, off...
have an agreement in which the Joint Development Authority was created to explore and produce oil in the waters between Sao Tome and Nigeria. Nigeria and Sao Tome share this area, called the Joint Development Zone, or JDZ. This area could contain up to, or over, 14 billion barrels of oil. In 2006, Chevron
Chevron Corporation
Chevron Corporation is an American multinational energy corporation headquartered in San Ramon, California, United States and active in more than 180 countries. It is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining,...
drilled an exploratory well called OBO-1 and news reports came out that they had discovered over a thousand million barrels of oil in block 1 alone. The news, reported on CNN, AP,