Thursday, November 18, 2010

Nigeria delays oil reserve target

Reserves - Nigeria postponed its target for oil reserves of 40 billion barrels by two years to 2012, said Emmanuel Egbogah, presidential adviser on petroleum.

Africa's largest oil producer has delayed its production capacity target of four million barrels a day from 3.7 million barrels by the same time frame, Egbogah said Tuesday. Nigerian oil reserves is currently at 38.2 billion.

Nigeria is the fifthbiggest source of U.S. oil imports. Royal Dutch Shell, ExxonMobil Corp., Chevron Corp., Total SA and Eni SpA run joint ventures with the state-owned Nigerian National Petroleum Corp. to pump the country's crude.

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