The Department of Petroleum Resources (DPR) is close to ramping up Nigeria’s 36.9 billion barrels crude oil reserves by 14 billion barrels and the country’s gas reserves by an additional 68 trillion Cubic Feet (TCF), Director of the organization, Mr. Sarki Auwalu, stated yesterday. Speaking when he received the Group Managing Director of
the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari and top management team of the corporation in his office, Auwalu disclosed that the possibility of getting 14 billion barrels out of the 18 billion barrels in the works remains very high. Auwalu disclosed that in addition to the recent increase of Nigeria’s gas reserves to 206 TCF, the DPR’s field analysis has shown that the possibility of proving the new oil and gas finds was becoming higher and gradually moving from P3 to P2. In oil industry reserve classification, Proven (P1) reserve is an estimate of recoverable volume with a probability of recovery greater than 90 per cent under present technical and economic conditions, while Probable (P2) reserve is an estimate of recoverable volume with chances of recovery equal to or above 50 per cent and less than 90 per cent.
