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Speaking at the Nigerian Oil and Gas Conference, the Group MD of the Nigerian National Petroleum Corporation (NNPC) confirmed that country’s crude oil reserve will be improved by a billion barrel annually. Issuance of an updated Petroleum Industry Governance Bill by the Government will help the institutions to have clarity on their role in the industry. Gas availability will increase to about five billion scf/d by 2020.
In a recent Saudi geological study, the existence of the richest oil reserve in the world at a geographical spot in Saudi Arabia has been unveiled, according to Professor Abdul Aziz bin Laboun, a former oil adviser at Aramco. Oil reserves in this spot are estimated to be around 440 billion barrels. This is a tremendously high figure for a narrow geographical spot.