OLYMPIC REFINERY & PETROCHEMICAL RESOURCES LIMITED
Currently, the overview of general oil & gas data for Nigeria are:
Nigerian is the 6th largest Crude Oil-producing nation in the world.
Nigerian oil fields’ “Collective Reserves” that have not yet been fully developed are 2,000,000,000+ barrels.
Total crude oil reserves at the beginning of the year stood at 31.218 billion barrels of oil.
5.314 billion barrels of condensate.
182.816 trillion cubic feet of gas.
Associated gas stands at 92.945 barrels.
Non-associated gas is about 89.871 barrels.
Gas production is 6.8 billion cubic feet per day (bcf/d).
Gas being flared is 1.4bcf/d.
The government's target of growing reserves is up to 40 billion barrels.
The target of crude oil increasing production to 4 million BPD.
Natural Gas of High Quality (positioned 2nd in the world reserves).
Nigeria's daily crude oil export (OPEC Quota): 1.96mbpd.
Total daily production capacity: 2.6mbpd of crude.
Consequently, based on the above premise, Olympic's new Refinery & Petrochemical Plant will represent a unique opportunity for Nigeria to take a strategic position in the constant supply of petroleum products for the growing domestic demand and in the surrounding area, as well as in China, U.S. and Europe with a positive impact on its economy, the balance of trade and currency which calls for aggressive exploration of untapped Oil & Gas Wells as well as refining programs respectively.