May 25, 2018

No addition to Oil reserves – Maikanti

No addition to Oil reserves – Maikanti

Like a double whammy, Nigeria, which is faced with a troubled economy already in recession, now has to contend with the challenges of a fast-depleting crude oil reserves, writes Chineme Okafor

Last week, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, disclosed that Nigeria could be facing more economic challenges with the steady decline of her crude oil reserves.

Baru, who said in Abuja that Nigeria would need to produce up to 15 billion cubic feet per day (bcf) of gas to ensure that her national goal of turning her economy into a fully industrialised one by 2020 is realised, also stated that, so far, there has been no addition to the country’s oil reserves. Read more

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