Oil reserves fall, threaten OPEC quota

THE Nigerian Petroleum Corporation (NNPC) has alerted that the Nigeria’s oil reserves are dwindling to the extent that the nation’s Organisation of Petroleum Exporting Countries (OPEC) quota might be under threat if the slide is not checked. The corporation has however set a target of $29 billion (about N1.8 trillion) revenue from petroleum resources in 2010.

In a memo forwarded to the National Assembly on the 2010 Budget, the corporation said: “The current trend in decline in oil reserves, if not addressed, will hamper the country’s ability to negotiate for higher OPEC quota and will invariably lead to a reduction in government revenues, in the long term.” The solution, according to the NNPC: “Funding to explore deeper plays in the mature Niger Delta region could be our best hope to address this situation.”

The Corporation further said that in 2010, it would make efforts to minimise the number of new oil and gas projects.

Nigeria Guardian