Nigeria oil reserves ranks 11th in out of the 20 countries with the largest oil reserves, according to the data from the Energy Information Administration (EIA).
Nigeria’s crude oil Bonny Light is one of the most valued in the international market, because of its low sulfuric content, low corrosiveness to refinery infrastructure and low environmental impact of its by-products.
Based on reports from Key oil and gas operators Nigeria is envisage to be the number one oil producer in Africa, if the oil and gas industry will be harness and reposition.
Nigerian government need to utilize its potential in the oil sector to increase the country’s crude output.The country’s reserves was estimated at 36.89 billion barrels in 2021 and 1.13 million barrels of oil as of November,2022.
The Organization of Petroleum Exporting Countries (OPEC) report on Nigeria, revealed that the country’s oil production declined by 74,000 barrels per day to 1.08 million bpd in July from 1.26 million in June.
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