NIGERIA'S OIL RESERVES RUNNING OUT

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The Nigerian National Petroleum Corporation, NNPC, yesterday, painted a gloomy outlook for Nigeria’s economic fortunes, as it disclosed that the country’s crude oil and gas reserves were fast depleting.

The NNPC in a statement in Abuja, therefore, begged oil and gas exploration companies, professionals and other stakeholders to focus on increasing the nation’s oil and gas reserve base to match national aspirations to increase oil production.

Group Managing Director of the NNPC, Mr. Maikanti Baru, who disclosed this when the Nigerian Association of Petroleum Explorationists, NAPE, hosted him in Abuja, also expressed readiness of the NNPC to partner with stakeholders in the oil and gas industry to grow the nation’s fast depleting reserves in order to increase productivity in the petroleum sector.

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