The Guardian

The General Manager of Nigerian Agip Oil Exploration Mr. Richard Ogunde, said on Friday in Ijebu Ode, Ogun State, that Nigeria's oil reserve has only 43 years to dry up. Delivering a lecture at Tai Solarin University of Education, (TASUED), Ijagun, Ijebu-Ode, Ogun said with reference to latest world oil data, he disclosed that the nation's reserve remained at 36.2 billion barrels. Ogunde said in the lecture, titled "Petroleum Exploration, The Economy and Science Education," that Nigeria had a yearly oil production capacity of 2.3 billion barrels. The Agip chief advised government to start looking for other oil reserves. He urged the Federal Government to seek other means of sustenance after oil might have disappeared, "especially now that we have abandoned agriculture. The geophysicist accused successive governments of conniving with the NNPC to misdirect, mismanage and mis-apply the country's oil revenue without commensurate infrastructure growth. Ogunde specifically criticised the NNPC policy of engaging in the direct sale of petroleum products by setting up retail outlets in parts of the country.