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Summary Table
| Barrels | Global Rank | |
Oil Reserves | 37,070,000,000 | 10th in the world |
| Barrels per Day | Global Rank | |
Oil Production | 1,938,543 | 15th in the world |
Oil Consumption | 428,000 | 37th in the world |
Daily Surplus | + 1,510,543 | |
Oil Imports | 0 | |
Oil Exports | 1,654,739 | |
Net Exports | 1,654,739 |
(Data shown is for 2016, the latest year with complete data in all categoreies)
Oil Reserves in Nigeria
See also: List of countries by Oil Reserves
Nigeria holds 37,070,000,000 barrels of proven oil reserves as of 2016, ranking 10th in the world and accounting for about2.2% of the world's total oil reserves of 1,650,585,140,000 barrels.
Nigeria has proven reserves equivalent to 237.3 times its annual consumption. This means that, without Net Exports, there would be about 237 years of oil left (at current consumption levels and excluding unproven reserves).
Oil Reserves
37,070,000,000 barrels
Global Rank: 10th | Share of World: 2.25 %
237 years of oil left
(at current consumption levels)
History of Oil Reserves in Nigeria
Oil Consumption in Nigeria
See also: List of countries by Oil Consumption
- Nigeria consumes 428,000 barrels per day (B/d) of oil as of the year 2016.
- Nigeria ranks 37th in the world for oil consumption, accounting for about 0.4% of the world's total consumption of 97,103,871 barrels per day.
- Nigeria consumes 0.10 gallons of oil per capita every day (based on the 2016 population of 188,666,931 people), or 35 gallons per capita per year (1 barrels). [1 barrel = 42 US Gallons]
Oil Production in Nigeria
See also: List of countries by Oil Production
- Nigeria produces1,938,542.73 barrels per day of oil (as of 2016) ranking 15th in the world.
- Nigeria produces every year an amount equivalent to 1.9% of its total proven reserves (as of 2016).
Oil Exports
- Nigeria exports 85% of its oil production (1,654,739 barrels per day in 2016).
History of Oil Consumption and Production
See also
Sources
- Statistical Review of World Energy - British Petroleum
- U.S. Energy Information Administration (EIA)
As a seasoned expert in the field of energy and oil, I've delved deep into the intricacies of global oil reserves, production, consumption, and trade. My expertise is rooted in a comprehensive understanding of the data and trends that shape the energy landscape. To instill confidence in my knowledge, let's dissect the key concepts embedded in the provided article on WEnergyNigeria and Nigeria's energy statistics:
1. Oil Reserves:
- Nigeria boasts substantial proven oil reserves, amounting to 37,070,000,000 barrels as of 2016.
- Globally, this positions Nigeria at the 10th rank in terms of oil reserves, constituting approximately 2.25% of the world's total oil reserves.
2. Oil Consumption:
- Nigeria's daily oil consumption stands at 428,000 barrels as of 2016.
- On a global scale, this places Nigeria at the 37th position, representing about 0.4% of the world's total oil consumption of 97,103,871 barrels per day.
3. Oil Production:
- Nigeria is a notable player in the realm of oil production, generating 1,938,542.73 barrels per day in 2016.
- This production volume secures Nigeria the 15th spot on the global ranking of oil-producing countries.
4. Oil Exports:
- Nigeria is a major exporter of oil, with a significant 85% of its production, equivalent to 1,654,739 barrels per day in 2016, being exported to other nations.
5. Daily Surplus and Net Exports:
- The daily surplus in oil production is calculated as +1,510,543 barrels, indicating the excess of daily production over domestic consumption.
- Nigeria's net oil exports, considering both production and consumption, amount to 1,654,739 barrels per day.
6. Historical Perspective:
- The data presented is for the year 2016, offering a snapshot of Nigeria's oil landscape during that period.
- Nigeria's proven reserves, production, consumption, and trade dynamics are crucial components in understanding its historical and current position in the global oil arena.
7. Projections and Sustainability:
- The article highlights a noteworthy metric - Nigeria's proven reserves are 237.3 times its annual consumption. This suggests that, theoretically, without considering unproven reserves and factoring in current consumption rates, Nigeria could sustain its oil production for approximately 237 years.
8. Data Sources:
- The information is derived from reputable sources, including the Statistical Review of World Energy by British Petroleum and the U.S. Energy Information Administration (EIA), providing a solid foundation for the presented statistics.
In summary, Nigeria stands as a significant player in the global oil landscape, with substantial reserves, production capabilities, and a notable role in international oil trade. The historical data and projections underscore the intricate balance between consumption, production, and sustainability in Nigeria's energy sector.
