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Nigeria’s Crude Oil Reserves Rise To 37 Billion Barrels


BEVERLY HILLS, December 27, (THEWILL) – Following the relative peace in the Niger Delta, the nation's crude oil reserves is now at 37 billion barrels, rising from the 28.2 billion barrels (bbls) it was at the height of militant attacks on oil infrastructures.

Also hauled in is the improved 192 trillion cubic feet of gas (tcf) from the previous 186 tcf figures, with the Nigerian National Petroleum Corporation, NNPC, pledging to continue to find sustainable solution to the challenge posed by insurgency in the oil producing Niger Delta.

A statement in Abuja by NNPC's Group General Manager Public Affairs, Mr. Ndu Ughamadu, quoted the Group Managing Director of the corporation, Dr. Maikanti Baru, in his end of the year message to the corporation's workers. He however did not disclose details of the contracts or how much money the corporation saved from the renegotiations.

“The corporation is committed to implementing a robust security and stakeholders' strategy that would ensure that peace reigned in the industry operational areas.

“Dr Baru attributes the recent increase in the country's oil and gas reserves to 37 billion barrels and 192 trillion cubic feet, respectively, to the relative peace that was instituted in the Niger Delta,” he said.

Baru expressed happiness with NNPC's completion of negotiations with its Joint Venture, JV, partners on cash call funding challenges and payment of outstanding arrears.

He said this was achieved by developing a clear payment plan as well as the pursuit of an alternative funding strategy, adding that arrears of up to December, 2015 have been fully reconciled and repayments plan also agreed upon.

The NNPC boss said the decisive objective of the recently signed off agreements between NNPC and its JV partners was to enable the company transit into an Incorporated Joint Venture, IJV, business model for all the current JVs.

He said the NNPC had been able to stabilise the supply and distribution of petroleum products in the country with support from Nigerians and its staff, and commenced the implementation of a 12-key business focus areas to enhance its business performance.

“Today, motorists drive in and out of filling stations with ease. This would not have been achieved without the collective efforts of all of us,” Baru said.