Stakeholders in the nation’s oil and gas industry are still left guessing about when a major licensing round or at least a marginal fields bid round will be held amid a lull in exploration activities.
Nigeria has the second largest proven reserves in Africa, with an estimated 37.5 billion barrels of crude oil deposits at the end of 2017, representing 2.2 per cent of the global total, according to the BP Statistical Review of World Energy 2018.
The country has the largest proven gas reserves on the continent at 5.2 trillion cubic metres.
If current levels of production and reserves remain constant, the country is forecast to run out of oil in 51.6 years and natural gas in 110.2 years, according to BP data. Read more
