OIL RESOURCES MANAGEMENT AND ILLEGAL OIL BUNKERING IN NIGER DELTA, NIGERIA, 1999-2011 (original) (raw)
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The current state of the upstream petroleum industry in Nigeria portrays an optimistic outlook, ceteris paribus. According to the Oil and Gas Journal (OGJ), Nigeria ranks among the top 10 nations in proven oil and natural gas reserves, worldwide. As of January 1, 2007, the estimated crude oil and natural gas reserves are 36.2 billion barrels and 181.9 trillion cubic feet (TCF). To expand Nigeria’s proven oil reserves to 40.0 billion barrels and increase its production capacity to 4 million barrels per day by 2010, the national government is willing to invest about $9-10 billion annually over the next five years [1]. The upstream oil and gas industry outlook in Nigeria is robust. Nearly 200% of proved reserves produced in Nigeria from 1970-2005 have been replaced by new reserves, indicating that the petroleum business environment in Nigeria compares favorably with the global environment (see Figure 1). The replacement ratio shows the extent to which Nigeria has pushed the reserves cr...
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