Crunch forces govt to drop oil reserve target. (Nigeria)

DEVELOPMENTS in the oil and gas industry within and outside the country may have forced the Federal Government to jettison its earlier plan to raise the nation’s oil reserve from the current level of 35 billion barrels to 40 billion barrels by 2010.

Petroleum Resources Minister, Dr. Rilwanu Lukman, at the just-concluded international seminar of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria, told The Guardian that the prevailing low oil price does not encourage investment and that investors are taking stock of their portfolios and have put on hold going into new frontiers.
NigeriaGuardian