‘Oil In Nigeria To Dry-Up By 2053 Unless...

Nigeria's source of revenue, crude oil, will dry up in 41 years' time unless exploration is stepped up and new oil wells found and exploited, a geologist and head of PTDF Professorial Chair Endowment on Geology of University of Jos, Professor Agbaji Emmanuel Ogezi, has said. "With 37 billion barrels of crude oil remaining and if current extraction momentum continues, Nigeria will have no oil to extract by the next 41 years," Professor Ogezi said, urging the Federal Government to encourage exploration by creating favourable climate for private investors.

 

"The only way to conserve oil for coming generations is for exploration to uncover more oil resources and much of the initiative should come from the Federal Government which should do the basic studies, narrow the search for crude, and provide necessary incentives because investors will not want to sink the necessary huge financial resources into exploration if they are not reasonably optimistic of positive outcomes," Ogezi explained.