Enhancing Oil

February 8, 2009 at 13:18 | Posted in energy, enhanced oil recovery, petroleum | Leave a comment

The Department of Petroleum Resources (DPR) in their third quarter report on the petroleum industry announced that the country’s oil reserves may dry up in the next 45 to 50 years. Their calculations were based on the estimates of the nation’s proven plus probable oil reserves which stood at 32.39 billion barrels plus 5.19 billion barrels of condensate as at January 2008. With current production levels at 2.108 million barrels a day and an estimated 730 million barrels per year the DPR expects a 2.23% reserves depletion rate and 45.75 years reserve index. These announcements, alarming as they sound, are based on current reserves and do not take into account though undiscovered reserves in promising areas like the deep offshore Niger Delta, the Anambra and Chad basins plus extra oil that may be obtained in the future through enhanced recovery. Continue Reading Enhancing Oil…

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