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Why Nigeria’s crude oil reserves dropped to 36.97 billion barrels



Nigeria's oil reserves dropped

According to a new report by the Organisation of Petroleum Exporting Countries, Nigeria’s crude oil reserves fell by 481 million barrels to 36.972 billion barrels in 2018.

The 2019 annual Statistical Bulletin of the oil cartel revealed that Nigeria’s oil reserves stood at 37.453 billion barrels between 2016 and 2017, 37.062 billion barrels during the year 2015 and 37.448 billion barrels in 2014

Here is why the reserves dropped: The report also showed that the number of oil rigs in the country climbed from 9 in 2016 to 13 in 2017 and then rose to 32 in 2018. The data from OPEC, however, indicated that as a result of the global oil price fall in 2014, the nation’s oil rig count dropped to 29 from the initial 46.

The 2014 slump in oil prices, also forced some oil firms operating in Nigeria to cut their capital budgets and also suspend some of their projects. This resulted in a drop in the number of oil rigs in the country.

2018 experienced an upward turn in the number of oil rigs, which was activated by the discontinued militant attacks on oil facilities within the Niger Delta region and also the rallying movement in the global crude oil prices.

The oil industry’s number of completed oil wells rose to 81 in 2018 from 76 in 2016 and 2017, after it earlier dropped to 116 in 2015 from 141 in 2014, the OPEC report revealed.

Get latest insights on Nigeria’s crude oil

According to the BP Statistical Review of World Energy 2018, Nigeria, with an approximated 37.5 billion barrels of crude oil deposit as at the end of 2017, possesses the second largest proven reserves in Africa.

Experts in the oil industry, who are familiar with the matter have expressed concerns for investors, whom they said will be wary coupled with the keen competition. They have also criticised what they called the “unnecessary uncertainty” caused by the hindrance in the passage of the Petroleum Industry Bill (PBI).

“Most oil companies in the country are mostly developing what they have. They are not looking for new reserves; you can’t sustain the oil and gas industry unless you are investing in new reserves.”

Current crude oil reserves: In February 2019, Nigeria’s crude oil reserves was 1,980 thousand daily barrels. Though there was a substantial swing in recent months, the reserves decrease through March 2014 to February 2019 period by ending at 1,980 thousand barrels per day.

What this means for Nigeria is that investors within the industry will be keen to seek out for alternative oil reserves for investment, thus, anticipating a higher return on investment. However, relative stability and rise in world crude oil price could contribute to foreign exchange earnings from the sector and also encourage the increase in daily production.

Charles Abuede is a graduate of Economics and Statistics from the University of Benin. He has worked as a business correspondent at Voidant Wireless Service (Pryde TV) and He is currently a Research Analyst at Nairametrics. You can reach him on [email protected] or @CharlesAbuede on LinkedIn and @AbuedeCharles on twitter.

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PayPal is buying a Crypto security startup for less than $200 million

PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.




PayPal is set to outrightly purchase a crypto-security firm Curv as part of its campaign in building its crypto ecosystem, the company disclosed today.

According to a report credited to CNBC, the deal is estimated to be worth less than $200 million, it’s expected to close before June this year.

The company’s stock price however recorded some selling pressures at the time of writing amid rising U.S Treasury yields and greenback keeping global investors on their toes.

READ: CBN and cryptocurrency ban

The crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud. PayPal revealed that the purchase would help its expansion on supporting crypto.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.

READ: U.S customers can now buy Cryptos with Paypal

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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Corporate Press Releases

Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences

Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.



Dupe Olusola

Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.

The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.

For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.

With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.

Guests and hosts can sign up at to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.


Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.


Aura by Transcorp

Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.

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