The Nigerian National Petroleum Corporation, NNPC, has announced the attainment of an all-time record oil reserve of 37 billion barrels.
The announcement was made by the Corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, in Abuja.
Nigeria’s crude oil reserve had been stagnant for the past ten years.
As far back as 2012, the reserve was at 37 billion barrels it achieved in 2010.
Oil reserves are the amount of technically and economically recoverable oil. Reserves may be for a well, for a reservoir, for a field, for a nation, or for the world. Different classifications of reserves are related to their degree of certainty. The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place.
Nigeria achieved 37 billion barrels reserve in 2010 from 36 billion barrels it recorded in 2007. The country recorded a steady growth in its reserve from 2004 with 25 billion barrels to 2005 at 35 billion.
In 2007, the nation achieved 36 billion barrels with no addition until 2010.
Federal government had targeted 40 billion barrels reserves and four million barrels per day production by the year 2020.
In 2014, the reserve dropped to 35 billion barrels, according to the Department of Petroleum Resources (DPR).
According to Ughamadu who quoted the Group Managing Director, NNPC, Maikanti Baru, the old milestone was achieved due to the peace in the Niger Delta.
NNPC also vowed to continue to find solution to insurgency in the Niger Delta region.
“The Corporation has created security management platforms that would enable it identify and evaluate risks, develop and superintend implementation of investigations.
“The platform will also aggregate and deploy necessary resources to guarantee peaceful business environment in the region,” Mr. Ughamadu said.
“The Corporation is committed to implementing a robust security and stakeholders’ strategy that would ensure that peace reigned in the industry operational areas.
‘“Dr Baru attributes the recent increase in the country’s oil and gas reserves to 37 billion barrels and 192 trillion cubic feet, respectively, to the relative peace that was instituted in the Niger Delta.
“Over the year, NNPC adopted strategies to ensure the Corporation’s operational profitability, renegotiation of all existing contracts to achieve substantial value realisation of between five and 30 per cent discounts.
“This singular effort alone translated to substantial cost savings in favour of NNPC,” Mr. Ughamadu said.
He also said NNPC had started the implementation of a 12-key Business Focus Areas developed by its Management Team to improve the corporation’s business performance.
A team had also been saddled with the responsibility of enabling implementation of new business models for its Strategic Business Units and companies nationwide.

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