Nigeria’s Crude Reserves Drop 1.6 bn barrels

The Department of Petroleum Resources (DPR) has raised an alarm over the declining rate of Nigeria's crude oil reserves, saying it has dropped by 1.6 billion barrels (about 4.79 per cent) in just one year. The drop is due to declining exploration activities and full field studies by oil companies operating in the country.The companies now concentrate more on drilling and production rather than oil exploration that would boost reserves. DPR Director Wada Andrew Obaje made this known while briefing ...
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Added July 28, 2010
from Businessday Nigeria