Publications

Survey of Energy Resources 2007

Crude Oil and Natural Gas Liquids Country Notes

Nigeria's proved oil reserves are the second largest in Africa, after those of Libya. The country's oil fields are located in the south, mainly in the Niger delta and offshore in the Gulf of Guinea. Nigeria has been a member of OPEC since 1971.

Published assessments of Nigeria's proved recoverable reserves (as at end-2005) are now close to consensus, after divergences in earlier years. For the purposes of the present Survey, the level of 36 220 million barrels reported by OPEC (Annual Statistical Bulletin 2005) has been adopted. Other published sources quote very similar figures, within a narrow range
(35 876 to 37 175). The latest OPEC level for Nigerian reserves is some 15% higher than its comparable assessment for end-2002, as used in the 2004 Survey.

Nigeria exported much the greater part of its crude oil output in 2005, to a wide spread of regions throughout the world, and imported the bulk of its refined product requirements.