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Friday, 5 October 2012

Nigeria oil production ends in 41 years - World Bank

Nigeria’s oil reserve will be depleted in 41 years, according to a World Bank Group’s twice-yearly analysis of the issues shaping Africa’s economic prospects called Africa’s pulse.

The report which was presented by the World Bank’s chief economist for Africa, Shantayanan Devarajan, on Thursday said Nigeria’s and Angola’s oil reserves will be depleted in 41 and 21 years respectively.


“Nigeria, the largest regional producer, can keep supplying at 2011 levels for another 41 years, while Angola, the second largest producer in the region, has about 21 years remaining at current production levels before its known reserves are depleted.

“Given the size of these reserves, it is likely that the dependence on oil resources in these countries are likely to continue in the near to medium term. Production in newly oil-rich countries such as Ghana and Uganda could also last for several years.”

According to the World bank’s chief economist, Mineral wealth in African countries including Nigeria don’t translate to prosperity because the money accruing from it doesn’t pass through the citizens, and the citizens don’t see the wealth as theirs. (Channel TV)

49 Comments:

  • At 5 October 2012 at 15:10 , Anonymous Anonymous said...

    ..and they also said nigeria would have broken up by now. Bad belle people..our God no dey sleep

     
  • At 5 October 2012 at 15:17 , Anonymous kcee said...

    Will the nigerian govt listen? It should be a wake up call for us because even before then, more like 10 to 15 yrs time, new breakthroughs in technology will make developed and developing countries less dependent on oil. I just pity nigeria because we still have a long way to go to stand without depending on oil revenue.With our booming population, unemployment, decay of infrastructure, the future just looks bleak if we don't do anything radical.

     
  • At 5 October 2012 at 15:18 , Anonymous Immaculate said...

    OIL COUNTRY, YET PEOPLE ARE DYING OF HUNGER, UNEMPLOYMENT EVERYWHERE, YET THEY SAID NIGERIA IS AN OIL NATION, ANYWAY LETS HOPE IN GOD TO COME TO OUR AID.

     
  • At 5 October 2012 at 15:22 , Anonymous CONCERNED said...

    HOPE WE WILL WAKEUP AND SEARCH FOR ALTERNATIVES

     
  • At 5 October 2012 at 15:29 , Anonymous Anonymous said...

    Say them be God abi na Wetin? Nigeria is still making a lot of discoveries in their deepwaters. Anyway i hope this is not true.

     
  • At 5 October 2012 at 15:31 , Anonymous Anonymous said...

    Nigeria Oil Production ends in 41years. . . Assuming no additional reserves are found. Exploration is ongoing everyday! smh @ the media.

     
  • At 5 October 2012 at 15:46 , Anonymous Lola A said...

    dem be God...abi na dem put am there? mschew!

     
  • At 5 October 2012 at 15:49 , Anonymous Anonymous said...

    we sure hope it does ends, completely totally.

     
  • At 5 October 2012 at 15:50 , Anonymous Anonymous said...

    lobatan! back to cocoa and groundnut farming, afterall oldschool is trending now so we might as well fall back to our old source of wealth as a nation

     
  • At 5 October 2012 at 15:59 , Anonymous Anonymous said...

    Nigeria should seriously consider other means to sustain there economy.to some point,I think this would be a welcomed development bcos oil has done nothing but bring about corruption

     
  • At 5 October 2012 at 16:18 , Blogger AJETUNMOBI SHERIF said...

    useless country

    http://ajetun.blogspot.com/

     
  • At 5 October 2012 at 16:20 , Blogger BONARIO NNAGS said...

    This lends more credence to d call for diversification of Nigeria's economy,need to investing in other natural resources which God Almighty has bestowed on our nation. A word is enough for the wise. 41 years from now,am already rounding off.

    ~BONARIO~says so via NOKIA3310

     
  • At 5 October 2012 at 16:28 , Anonymous Anonymous said...

    and the selfish part of me is glad 2 tell world bank dat i'll b in my 60s in d next 40yrs. Tee-hee!

     
  • At 5 October 2012 at 16:36 , Anonymous Anonymous said...

    THANK GOD. GOD U ARE GREAT. THEN THESE USELESS LEADERS CAN FOCUS ON OTHER INDUSTRIES. I WISH IT WILL EVEN END FASTER.

     
  • At 5 October 2012 at 16:44 , Anonymous Anonymous said...

    "and the citizens don’t see the wealth as theirs"

    That's not really true is it? MEND know it's theirs.. i think.

     
  • At 5 October 2012 at 16:46 , Anonymous Anonymous said...

    I wish the oil production can end in just 41-months that is around 2015 so every body and regions will mind thier resources..

    The american gave a prediction of nigeria breaking up in 2015... are we not seeing that signs already?

     
  • At 5 October 2012 at 17:30 , Blogger Adaorah said...

    LMAO! Seconded. You spoke my mind.

     
  • At 5 October 2012 at 17:34 , Anonymous Anonymous said...

    Don't be deceived nufin of such would happen,e no go fit dry abeg free those yeye world bank mugus

     
  • At 5 October 2012 at 17:37 , Anonymous Anonymous said...

    I can't wait for it to finish kpata kpata.Useless country

     
  • At 5 October 2012 at 17:51 , Anonymous Anonymous said...

    Thereafter we will all find our way

     
  • At 5 October 2012 at 17:59 , Blogger Str8FrmDaHips said...

    Angola I laugh..heard their greed surpasses 9ja..ain't that something..about time it depletes..allowing us get back to basics..shame all the useless leaders past and present wouldn't be around then for the farewell party!!

     
  • At 5 October 2012 at 18:08 , Anonymous Anonymous said...

    Linda if you were in the upstream oil and gas industry you would know that we havent even scratched the amount of proven oil reserves available in nigeria. A good percentage of the The deep offshore OPLs havent even been explored yet talkless of producing. And lets not even talk about our Gas resrves because that wouldnt even run out in the next 100 years. Pay no attention to this oyibo report please.

     
  • At 5 October 2012 at 18:26 , Blogger Make-Up by Teju said...

    ARE THEY GOD????,! Well am too positive that our *Awamaridi*, the unquestionabe God of Africa will not let any resource finish here...yeye people, they don't know we are tough like that,...Oil cannot finish, and one day the money will pass through our hands.

     
  • At 5 October 2012 at 18:35 , Blogger Nnanna said...

    I guess it's time we wholly embraced Renewable energy and adopt energy efficient lifestyles. I am not surprised at this report. An evidence of the rapid depletion of oil reserves is the recent search for oil in deep ocean wells which was not the case some years ago. It shows that Onshore oil reserves are on the low and Multinational companies like Shell, Mobil, BP and the rest are now venturing further offshore for this black gold.

     
  • At 5 October 2012 at 19:12 , Anonymous Anonymous said...

    TYM DEY NA TO EMBEZZLE MY OWN SHAREOF D NATIONAL CAKE

     
  • At 5 October 2012 at 19:15 , Blogger Cocolette said...

    As in ehn!!! First thot that came to my mind.

     
  • At 5 October 2012 at 19:50 , Anonymous Anonymous said...

    I seriously hope it finishes sooner. So we can focus on other things

     
  • At 5 October 2012 at 19:54 , Anonymous Anonymous said...

    It can finish in 41 months that will even be better.like dry up completely.mschewww

     
  • At 5 October 2012 at 19:57 , Anonymous Anonymous said...

    I can't be bothered.let it finish lets all rest sef.

     
  • At 5 October 2012 at 19:58 , Anonymous Anonymous said...

    Exactly d wealth aint ours so it can like to finish in 41 days sef.hisssss

     
  • At 5 October 2012 at 21:00 , Blogger Warri Girl said...

    Shey when it finishes we would all shine our eyes no more corruption of oil money.

     
  • At 5 October 2012 at 21:29 , Anonymous Anonymous said...

    Nigeria hasn't even scratched its depth of reserves offshore and yet more reservoirs are been found onshore... The gulf of guinea is a honey pot and nigeria sits comfortably on it

     
  • At 5 October 2012 at 21:47 , Anonymous Anonymous said...

    Can cars start running on water already.let's all rest with all this oil talk.

     
  • At 5 October 2012 at 22:09 , Anonymous Anonymous said...

    Hehehehehehe! Broken rules! Oil has been discovered in almost evry state in naija. Its just dat dey haven't got serious abt exploration. We get various minerals n much more. Dan u can imagine. Anyways I pray dat God preservs d wealth until those who r truly bothered n sincere at heart take ova d helm of affirs in dis nation

     
  • At 5 October 2012 at 22:23 , Anonymous Anonymous said...

    These Oyibos, go just generate one gist make we begin run around...oil wey dey never discover the reserves finish,them say e go finish for 41 years..nawa o!Who knows where this leads??The West and scheming...Na God go punish them..no,na Obama go show them..*hehehehe!
    In 41 years they'll all be coming to Nigeria for food and medic care,and a lil' chip-free life!.yeah I said it!!!!!!!

     
  • At 5 October 2012 at 22:31 , Anonymous sufdavinci said...

    41 yrs frm now hmmmmmn. All d best for nigeria

     
  • At 5 October 2012 at 22:32 , Anonymous Anonymous said...

    Linda the world bank dude bu OKPO!And that's part of the reasons Africa continues wallowing in poverty..Why should World Bank assign an Olodo to be in charge of our economy??mtcheww. Does he have the data of the quantity of oil reserves onshore and offshore in Nigerian Waters? Onto the next news...

     
  • At 6 October 2012 at 00:35 , Anonymous Anonymous said...

    The media can be very misleading. Perhaps based on current information, the available, recoverable oil reserves in Nigeria will be depleted in 41 years. That said, technology is always improving and new discoveries are always being made. I work in the oil industry as an engineer in North Dakota and less than 10 years ago the whole state was a ghost town. Now, thanks to advanced technologies (hydraulic fracturing and directional drilling), it is an oil boom state with current estimates of recoverable oil as high as 500 billion barrels. 2000 people in North Dakota (land owners and oil workers) become millionaires every year as a result. My point is this; in the oil industry, things are changing everyday. If the oil industry in North Dakota can be transformed over the space of less than a decade, then it is natural to assume that in 41 years, oil producing companies in Nigeria would have discovered billions of additional barrels of oil reserves and oil service companies would have developed the technology to reach those reserves successfully. My only hope is that we learn to manage our resources better as a nation so it benefits Nigerians as a whole and the Niger Delta people (from whose land the oil is being derived) specifically.

     
  • At 6 October 2012 at 03:51 , Anonymous Anonymous said...

    I just want to believe that it will not take this much time before we regain our glory. Since the discovery of oil in this country, corruption has always taken place in the nation's economy through which her glory has been lost.

     
  • At 6 October 2012 at 08:43 , Anonymous The Realist said...

    they are always talking about when oil will finish around the world. New technology will be developed in order to reach previously unattainable reserves of oil which in turn will extend our oil productivity.

     
  • At 6 October 2012 at 10:50 , Anonymous Anonymous said...

    I thot they said the reserve will deplete in 2020. This world bank pple sef are they God that blessed naija with oil. Only God knows the level of supply we have and hopw he keeps replenishing it

     
  • At 6 October 2012 at 12:49 , Anonymous Dr. Pinch said...

    My problem with all these oyibos and their research is that when u want them to give u the new u want to hear, they will give u the one that will hurt you the more. Can u imagine a whole 41 years haba is not fair they should do another research and speed it up to like a year or even 6 months make we rest na. Oil is more of a curse than a blessing to nigeria. I will volunteer to coordinate the research pro bono.

     
  • At 6 October 2012 at 15:10 , Anonymous Anonymous said...

    Naija don kpafuka now na,e go better make the oil dry o,north n pdp dey cheat us naija deltans o,how come dem no dey give fg 55% of their resources while dhost communities dey suffer,owu dey bend our neck!

     
  • At 6 October 2012 at 16:21 , Anonymous nkem said...

    abeg o!dis is not gud news at all.i never work for mobil or chevron.lol

     
  • At 6 October 2012 at 17:46 , Blogger Ahdaisy Jayde said...

    Many of us talking have forgotten that we are going to be the 'leaders' during that period...so we better start planning what to do. Our hatred for our leaders is blinding us, we can't see that they are kinda the direct reflection of us.

    Even if it depletes tomoro, it wont affect our current leaders one bit cos they have amassed enough to last them forever...so it back to masses...

    God help us.

     
  • At 6 October 2012 at 18:03 , Blogger Inem Akpanamasi said...

    Any news about depletion of our oil reserves should, above all else, serve as a gadfly to sting us to the consciousness of our responsibility and moral obligation to sustainably develop our economy, infrastructures, institutions and bequeath enduring good legacies to generations yet unborn.

     
  • At 7 October 2012 at 18:41 , Anonymous Anonymous said...

    It should be now sef. Oil has stifled our creativity and willingness to diversify. Necessity is the mother of invention and when it goes, we'll understand the importance of food production. That being said, I think that there;ll be more exploration in the future and that unfortunately, we'll find more oil

     
  • At 8 October 2012 at 06:41 , Blogger nupe said...

    GOOD, LETS SEE WHAT ELSE NIGERIA IS GOoD at

     
  • At 8 October 2012 at 15:24 , Anonymous Adadioramma said...

    May the oil finished long before the predicted time. AMEN!!!!

     

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