Nigeria: 'Nigeria May Run Out of Oil Soon'

31 January 2010

There are fears that Nigeria may run out of oil and may be delisted from the Organisation of Petroleum Exporting Countries (OPEC), although Petroleum geologists assured that the country's 30 billion barrel oil reserves will be exhausted in 29 years time.

But General Manager, Planning, National Petroleum Investment Management Services (NAPIMS), an arm of the NNPC, Victor Briggs warned on Friday that without new investment, "Nigeria will run out of oil soon. We will no longer be on the list of OPEC members because we will not be exporting crude anymore".

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