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Nigeria Producing Only 1,700 Of Her 7,000 Discovered Oil Reserves – DPR

By Gift Eguavoen

Out of 7,000 oil reserves that have been discovered in Nigeria, only 1,700 of the reserves are currently producing crude oil, Extractive 360 has learnt.

This was disclosed by the Director of the Department of Petroleum Resources, Auwalu Sarki.

Auwalu however, stated that measures were being put in place to produce oil from additional reserves in order to achieve the 40 billion barrels oil reserves target of the government.

“We identified all the discovered reserves. We have about 7,000 and we are producing from about 1,700 out of the 7,000 already discovered reservoirs,” the boss said.

Although crude oil production in Nigeria has revolved around 1.4 million barrels per day following the production cut recommended by the Organisation of Petroleum Exporting Countries (OPEC), the DPR said the country has the capacity to produce about three million barrels of crude daily.

Before the decision by OPEC and its allies to cut down crude production, Nigeria was producing around two million barrels of oil per day.

“We took each of the producing reservoirs to see what kind of Enhance Oil Recovery that we need to put. So once we now put the EOR, that is secondary and tertiary recovery methods, technically we will grow the reserves. This is because those reserves are recoverable now and technically we will increase the production of the country,” Auwalu said.

He added that this was a good platform for marginal oil fields to come in to help increase and grow the country’s reserves. “Remember we left over 40 million barrels fallow in 11 fields for 17 years. Now we have over 100 million which we want to grow within the next couple of months,” he stated.

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