by on June 16, 2019

The nation’s crude oil reserves dropped by 481 million barrels to 36.972 billion barrels in 2018, according to a new report by the Organization of Petroleum Exporting Countries. OPEC, in its 2019 Annual Statistical Bulletin, said Nigeria’s crude oil reserves stood at 37.453 billion barrels in 2017 and 2016; 37.062 billion barrels in 2015 and 37.448 billion barrels in 2014.

According to the report, the number of active oil rigs in the country rose to 32 last year from 13 in 2017 and nine in 2016. Following the steep fall in global oil prices in 2014, the nation’s rig count dropped from 46 to 29, the OPEC data showed. Rig count is largely a reflection of the level of exploration, development and production activities occurring in the oil and gas sector.







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