Arab Today, arab today nigeria\s older oil assets declining by 1012 minister
Last Updated : GMT 12:30:11
Arab Today, arab today
Arab Today, arab today

Nigeria\'s older oil assets declining by 10-12%: minister

Arab Today, arab today

Arab Today, arab today Nigeria\'s older oil assets declining by 10-12%: minister

Abuja - AFP

Nigerian onshore oil reserves are in certain cases declining by between 10 to 12 percent per year and new investment will be needed to push the industry forward, the country\'s oil minister said Monday. \"We need to take now a very pragmatic approach towards our maturing assets,\" Diezani Alison-Madueke told an industry conference in the capital Abuja. \"At the moment, we have an average decline of 10 to 12 percent, which means that we are very rapidly maturing.\" She did not provide specifics, but Levi Ajuonuma, a spokesman for the state oil company, later told AFP that she was referring to the decline of onshore oil assets that are 50 years or older. A long-delayed overhaul of the industry in Africa\'s largest oil producer has put a chill on new investment, with firms uncertain of what the new rules and taxes will be if and when it takes effect. The minister said competition in the industry was increasing in Africa, pointing to new discoveries in other nations on the continent, and Nigeria cannot remain complacent. \"We need to begin to boldly confront the deep water,\" she said. \"As the land and shallow offshore opportunities are maturing, we need now to confront both the technical and commercial challenges of the ultra deep water.\" Nigeria is currently producing around 2.3 million barrels per day. It also has what has been estimated as the world\'s eighth-largest gas reserves, but they remain largely untapped, due in large part to a lack of infrastructure.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nigeria\s older oil assets declining by 1012 minister Arab Today, arab today nigeria\s older oil assets declining by 1012 minister

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nigeria\s older oil assets declining by 1012 minister Arab Today, arab today nigeria\s older oil assets declining by 1012 minister

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Writing's on the wall for Trump, Zuckerberg

GMT 09:05 2017 Thursday ,19 October

Writing's on the wall for Trump, Zuckerberg
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday