May 21, 2013
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Description
Although Libya has more reserves, there were 37.2 billion barrels of proven oil reserves in Nigeria as of 2011, ranking the country as the largest oil producer in Africa and the 11th largest in the world, averaging 2.28 million barrels per day in 2006. At current rates this would be 45 years of supply if no new oil was found. Pipeline vandalism, kidnappings, and militant takeover of oil facilities have reduced production, which could be increased to 3 million barrels per day in the absence of such problems. The Nigerian government hopes to increase oil production capacity to 4 Mbbl/d by 2010. Nigeria is the world’s eighth largest exporter of crude oil and sends 43% of its exports to the United States. Nigeria is heavily dependent on the oil sector, which accounts for 95% of its export revenues.
(via Freebase)
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