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 life index, on the other hand, is a measure of the reserves as of January 1, 2019, divided by the total production in 2018. This parameter highlights how long quoted reserves volumes will be available for production.” It said the PSC companies had the highest depletion rate of 3.10 per cent and the lowest life index of 32.15 years, while accounting for about 36.08 per cent of the nation’s total production.
The marginal field operators produced about 2.14 per cent of the nation’s total production in 2018, with a depletion rate of about 2.7 per cent, life index of 36.83 years and a national reserves portfolio of 1.61 per cent.
They don't care because they will not be around that time.
I know for sure the years are shorter than that....
Good news.
Na that time northerners go say dem wan comot from Nigeria
49 years is too far! It should run dry NOW! The ordinary Nigerian citizen has gained NOTHING from our so-called status as an oil-producing country, so we have nothing to loose!
Does it include the 1billion barrels in their north? Besides 49yrs time, we all would have started drinking our oil
Then let me wait patiently, for it to run dry, den we split this Country
Waoh ? Just imagine no more free money. All that will be left to steal will be tax money. By that time the masses will become merciless. For tjose who arr stealing billion. That is if the billions wil still be there to steal.
Akuko.... Stories
To Nigerian masses, it dried since 1960. And Govt ran everything aground since. No benefits whatsoever.
46 years have past n is remaining only 3 years now
Next phase, gas reserves...
God both gave UAE and Nigeria oil. Emirates use their to do good things Nigeria used her own to chop KULIKULI.
49 years is cool now.
I wish the oil will just dry up tonight! Let the nonentities in the corridor of power have a sense of responsibility
Let it dry before 10 a.m. today so that we can have peace. At least before corn came it was something that hen was eating.
We cannot fast-forward the drying? If it dries on time, Arewa will stop opposing restructuring, politics will be less attractive... Can't wait for it to dry, abeg!
Sam NWANUFORO Opportunities missed! What have we got to show in SIX DECADES from our enrichment in oil and gas resources? NOTHING apart from a gang of greedy and selfish “rogues” who masquerade as politicians and who have no concept of PUBLIC SERVICE. Objectionable morass!
Lobatan, for every beginning, there must be an end. That's when Nigeria will start getting better. I will acquire large expanse of land for my children to go into farming.
And DPR would become useless. All the foreign oil companies will leave
The person that said such is not even certain in 4 years to come
How prepared how we on smooth transition to Renewable energy?
Let it run dry tomorrow, after all we dont benefit from it... is only for our criminal government preaching integrity. Big thieves
God is great
Let it even dry up tonight so by tomorrow when everybody wake up. They will enter reset/factory setting mode.
Thank God! I pray it runs dry tomorrow morning, so that we can use our brain and schedule the country into 3 regions. By that we will develop individually and anyone interested in Boko Haram and Almajiris can engage in it..
Clowns. Oil will soon be a relic! Nigeria with one of the largest gas reserves in the world still fell trees for energy.
Before that time, technological advancement would make this archaic source of energy completely irrelevant. It’s already happening but our government is not even registering this fact. We will have a Kodak moment if we fail to innovate our economy for the 4IR.
Why not tomorrow?
God, let it dry so that we can kuku have peace in this country
Amennnnnnnnnnm IJN
2069... Who go dey to confirm wetin una talk?
Lie
And bubu keeps borrowing money
Too far
Enough time to enrich poor politicians all over Nigeria.
That’s too long . Why not tomorrow
Please God, let it run dry now.
Better
Why not tomorrow so that we can look into other sectors of the economy
By 2040, more than half of the new cars will be electric.
hysho_gbeminiyi This is like telling a blind man you will turn afternoon to night ...how he take concern us they are not doing anything for us with the money
Oil? That's our ' One Nigeria' o
That is to say the marriage between North and West will come to end in 49 years. Then the South East, South South and South West will go their separate way bcos I know they will not negotiate.
In the next 49 years ,there will be nothing like Nigeria anymore
Ndi-igbo will survive... Mark it, inside life... We don't depend on oil. Igbo amaka 😂😂😂
Amen
Deliverance cometh!💃💃💃
This is contradictory for christ sake!!! just 2wks ago,the minister of state for petroleum said we have billion barrels of oil in the north!!!
Pls Let it Run Dry in 5yrs Time so that Nigeria Can break up asap. Crude Oil has been a Major Curse to Nig.
That is like 4 decades after our current leaders.. no wonder they dont give a shit about us.
Time to invest in reserve replacement.
Nigeria is primarily a gas
Have been hearing this since Jss1..
Amen, as if it serves any good purpose in the first place.
Directly,it means Nigeria will cease to exist in 49years
That's too far, I wish its tomorrow.
I for Don jaapa by then.... Awon Oni yeye
God why not next?
It will be better if it dry in the next 5 years. What use is the oil to us anyways.
Good news then we will go back to our common sense economy
......and the one Nigeria thing can then end!
This is GOODNEWS. Hopefully senseless BUHARIDEENS may will allow the Southern part go their way by then.
Oil would have become IRRELEVANT by then to the rest of the advanced world but NO, Nigeria is still hustling for space in the world as oil producers. 😫😫😫😫
We can't wait.
By then our selfish & useless politicians are death 💀
Tell that to those northern leaders
If this is true, Nigeria will cease to exist in 50 years
Las las Abacha-like politicians wantu leave us empty handed.
Since the late 90's it's thesame estimate. Will dry up in forty something years. And they say oil is becoming irrelevant. But the keep on fighting for this same resource. Truth is oil is the only resource the country can hinge her development on.
Don’t worry. By then the world’s appetite for oil will have diminished.
That does not bother Buhari, he knows he'll be long gone.
Mark this date.
Let it run dry. I’d most likely have died by then 🙄
Ameeenn
Good!
Lol
Tick tock for the brittle union
Plus the one discovered in borno state?
lettylakesyde Far gone in germany or canada...it can dry
if it will help to focus more on other sector fine
To me, it’s already dry..... we never had one... cus all d moni gotten from it always disappear
Nice one..meaning the end of politics
Like coal, in 49 years, nobody will be buying crude oil. It will have no economic value
Please it's high time we diversify our economy,it is unheard of for a country to be mono-economic in this 21st Century. Its about time we turn back to the mainstay of the Nigerian economy prior to the discovery of black gold(crude oil).
Currently, I've not seen the benefit of the huge amount of oil in the country to the common man, except the knowledge of knowing that some group of politicians & individuals are living large from it.perhaps the oil should run dry so the country can shift it's focus of production
Then enter we can all go and rest
With all the oil they've sold what's to show for it... make e kuku dry...
If oil runs dry, what of gas?...The issue is ineptitude of NNPCgroup swapping crude oil for refined products..This makes it technically dry since 2016
Ok now they want to tell us that they have discovered oil in the North abi?. All the siphoned oil to the North will dry in 45 days in Jesus name: Amen. 👏👏👏
Great 👍 but I don't think Nigeria will still be Nigeria 🇳🇬 in 49 years
He who has ears let him hear. And at that it will be back to your different tents.
And They Are Still Looking For Oil In The North
let it run dry so everybody can locate their real fatherland.
That will surely happen because it has been the major source of the country economy and the foolish leaders are to corrupt to use the money coming from it to invest on something else to support that. Failed leaders.
If men were God, it would have run dry since1930 . Nothing will run dry in Jesus name
Good news
Very good
Didnt they just find oil in the North? 'Sides I was told 40 years years back in primary school and that the whole of Nigeria would be covered by the Sahara desert by now. Nonsense
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