Nigeria: Oil Reserves To Last 33 Years, Says DPR

“The remaining oil reserves as at January 31, 2005 indicated a life index of about 32.97 years,” said the DPR.

This latest DPR figure indicated that the expected life span of the nation’s crude reserves had slumped from the 34 years period calculated in 2003, by which time annual depletion rate was based on production of 721.6 million barrels.

Oil industry experts have earlier warned that Nigeria was consuming its oil reserves faster than the rate of addition, as the nation sought to maximise the current high oil prices.
allAfrica.com