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Probable additional reserves are attributed to known accumulations and the probabilistic, cumulative sum of proven and probable reserves (with a probability of P50), also referred to in the industry as "2P" (Proven plus Probable) [13] The P50 designation means that there should be at least a 50% chance that the actual volumes recovered will be ...
Proven reserves (also called measured reserves, 1P, and reserves) is a measure of fossil fuel energy reserves, such as oil and gas reserves and coal reserves. It is defined as the "quantity of energy sources estimated with reasonable certainty, from the analysis of geologic and engineering data, to be recoverable from well established or known ...
Although Libya has more reserves, there were 37.2 billion barrels (5.91 × 10 ^ 9 m 3) 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 (362 × 10 ^ 3 m 3 /d) in 2006. At current rates this would be 45 years of supply ...
Most of Africa's bitumen and lignite reserves are found in Nigeria. In its mix of conventional energy reserves, Nigeria is simply unmatched by any other country on the African continent. It is not surprising therefore that energy export is the mainstay of the Nigerian economy and the government is targeting 90% electrification rate by 2030. [9]
2P – proved and probable reserves; 3C – three components seismic acquisition (x, y, and z) 3C – Proved, probable and possible contingent resources; 3D – three-dimensional ; 3P – proved, probable and possible reserves; 4D – multiple 3Ds acquired over time (the 4th D) over the same area with the same parameters
For instance, North America has over 3 trillion barrels of shale oil reserves, [citation needed] and the majority of oil produced in the US is from shale, leading to the paradoxical data below that the US will finish all its oil at 2024 production levels in 10 years.)
Its reserves make Nigeria the tenth most petroleum-rich nation and by far, the most affluent in Africa. In mid-2001, its crude oil production was averaging around 2,200,000 barrels (350,000 m 3) per day. [13] It is expected that the industry will continue to be profitable based on an average benchmark oil price of $85-$90 per barrel. [14]
The Company was founded in 2009 with the vision and strategy to become a high growth Nigeria focused independent exploration and production company. [1] Concurrent with the initial public offering in September 2012, [2] [3] Eland purchased a 45% interest in OML 40, with its partner Starcrest Energy Nigeria Limited, from the Shell Group. [4] [5]