THE Department of Petroleum Resources (DPR) has expressed serious concern that there has been a decline in Nigeria’s crude oil reserves for the first time in 54 years.
And concerned that Nigeria was losing several billions of naira yearly to oil theft and subsidy, Chairman of South-East Governors’ Forum, Governor Peter Obi of Anambra State, has advocated a more severe penalty for perpetrators.
The Director, DPR, Mr. Osten Olorunsola, said the implication of the sharp decline in Nigeria’s crude oil reserves, which is estimated at 36 billion barrels, is that it will be difficult to realise the 40 billion barrels reserves projection by 2020.
Olorunsola disclosed this at the 4th Emmanuel Egbogah legacy lecture series on petroleum economics and strategy with theme: “The Nigeria petroleum industry and global geopolitics”, which held at the University of Port Harcourt.
He expressed concern about the future of the oil industry in Nigeria, noting that the country needs to begin to extract maximum benefit from its crude oil and gas resources. According to him, the whole idea of exporting 2.7 million barrels and importing refined products is antithetical to economic wellbeing of the country.
The DPR boss explained that the declining reserves and the emergence of more countries in sub-Sahara Africa as producers and exporters of crude oil, in addition to United States of America’s less dependence on foreign crude oil, should serve as wake up call for Nigeria.
On the issue of crude oil theft, Olorunsola noted that besides the money lost in form of revenue to the country and cost incurred from repairing damaged oil facilities, the most devastating impact of this nefarious act remains its adverse impact on the environment.
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