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Nigeria targets 40 b barrels of crude oil reserve by 2007

Posted by Xinhuanet on 2004/11/25 | Views: 484 |

Nigeria targets 40 b barrels of crude oil reserve by 2007


Nigerian President Olusegun Obasanjo has said the government is targeting a crude oil reserve of at least 40 billion barrels by 2007, the News Agency of Nigeria reported Friday

ABUJA, Oct. 29 (Xinhuanet) -- Nigerian President Olusegun Obasanjo has said the government is targeting a crude oil reserve of at least 40 billion barrels by 2007, the News Agency of Nigeria reported Friday.

Receiving new Managing Director of the Shell Petroleum Development Company of Nigeria Basil Omiyi in the presidential villa on Thursday, Obasanjo said the target remains "a key objective of his administration."

In order to achieve the objective, he said, Nigeria would continue to create the necessary conducive operating environment for oil companies operating in the country.

The government would also "review and strengthen the measures already in place to check the theft of crude oil from the country. It is something we really want to exterminate at all costs," he said.

The president said that the government also examined new ways of ensuring peace and security in the Niger Delta region in order to ensure a more conducive operating environment for oil companies.

Nigeria is the largest oil producer in Africa and the sixth largest oil exporter in the world with a daily output of 2.5 million barrels of crude. Enditem

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