ABUJA (Commodity Online) : Africa's largest oil producer, Nigeria is concerned on reports that its oil reserves in the Niger Delta region will dry and disappear by the year 2040.
Studies by country's Regulatory and monitoring organs blamed activities of militant groups in the region, ineptitude leadership and rapid depletion of ore, a major component for the exploration are contributory factors that may see the end of Nigeria's oil.
Minerals and hydrocarbon deposits have life-span and can be negatively affected if there are fewer activities to extend the life indices through intensive exploration to augment the resource base, Economic Confidential reports.
The campaigns have also gone to Governors and federal legislators on the need for early passage of PIB because the future of Nigeria's oil, according to the campaigners, depends largely on new oil bill that would promote continued investment in new oils and security of facilities in the Niger Delta region.
Analysts said Nigeria is not investing in new oil discoveries whereby all the revenues from oil goes to the Federation Account directly without reinvesting into oil fields.