Resource depletion is most commonly used in reference to farming, fishing, mining, water usage, and consumption of fossil fuels.

Stakeholders in the oil and gas industry have warned about the dangers of Nigeria?s depleting crude oil reserves. They have pointed out the implications of exploiting the reserves without replenishment. The Federal Government appears not interested in addressing the issue thus raising fears the economy may collapse someday soon.

For several years now, Nigeria?s depleting oil reserves has been a subject of discussion at major oil and gas fora. The continued depletion of the reserves without replenishment has become worrisome to stakeholders in the oil and gas industry for several reasons.

The reasons for their worries are not far-fetched. Earnings from the sale of crude oil, according to data,  constitute over 80 per cent of the nation?s foreign exchange earnings, at least over the past two decades. Therefore, operators of the oil and gas industry are of the view that an industry that occupies such an important position in the economy should be taken seriously.    Besides, they expressed fear that if the decline in reserves continues unchecked, it  will get to a point where the country will transit from a net exporter of crude oil to a net importer of crude. Their reason is that as the population continues to grow with increasing standard of living and advancement in technology, energy needs will double.

In 2003, the Federal Government in its aspiration to grow reserves while empowering and increasing participation of indigenous operators in the industry, awarded 24 marginal fields to local firms. Out of the 24 fields awarded, only eight have started production as a result of funding constraints. According to the former Director, Department of Petroleum Resources (DPR), Osten Olorunsola, besides funding issues, issues around host communities  and lack of technical expertise, contributed to lack of development and production from the fields.The Nigerian Association of Petroleum Explorationists (NAPE) has decried high rate of depleting crude oil reserves and urged the Federal Government and relevant stakeholders to do something fast that will promote new drilling for crude oil.

The President of NAPE, Nosa Omorodion, while addressing journalists vis-a-vis the association conference which will hold in November in Lagos, stated that the country?s reserves may deplete completely if nothing is done by policy makers to promote new discoveries.

According to him, ?But our concern is that our replenish rate does not match our production rate. It is like you have money in the bank and you are withdrawing it, and you don?t have income to add to it. There will be a time you will run out of cash. If as it is today we do nothing, in next 30 to 35 years, we will completely run out of oil. The easy way out in times like this is to open your taps and produce.?

Sources

https://www.libraryindex.com/pages/103/Depletion-Conservation-Natural-Resources.html

http://tribuneonlineng.com/nape-decries-depleting-crude-oil-reserves-nigeria/

http://thenationonlineng.net/dangers-of-nigerias-depleting-oil-reserves/