The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources.
The reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion barrels in 2015 and 36.74 billion barrels in 2016. It, however, rose to 36.97 billion barrels in 2017 and 37 billion barrels in 2018, the DPR data showed.
“The nation’s depletion rate and life index are 2.04 per cent and 49.03 years respectively,” the regulator said.
The reserves depletion rate is a measure of 2018 total oil and condensate production divided by the reserves as of January 1, 2019, according to the DPR.
It said, “This indicator gives a bird’s eye on an annual basis, what percentage proportion of the quoted reserves was produced.
Source: Punch Newspaper
