Nigeria’s oil reserves now 37.5bn barrels, gas 209TCF –NUPRC
Lagos – The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has unveiled impressive figures on Nigeria’s oil and gas reserves, showing that crude oil and condensate reserves have climbed to 37.50 billion barrels, while gas reserves stood at 209.26 trillion cubic feet, TCF.
NUPRC Chief Executive Officer, Engr. Gbenga Komolafe, revealed this at a press briefing at the Commission’s headquarters in Abuja.
Komolafe disclosed that as of January 1, 2024, the combined reserves of crude oil and condensate reached 37.50 billion barrels, while the reserves of associated gas and nonassociated gas stood at 209.26 trillion cubic feet, TCF.
He added that within the total reserves, crude oil and condensate were recorded at 31.56 billion barrels and 5.94 billion barrels, respectively.
According to him, the totals of crude oil and condensate reserves stand at 37.50 billion barrels, while the reserves of associated gas and non-associated gas were reported at 102.59 TCF and 106.67 TCF, respectively.
Komolafe explained that most of the new additions to the reserves were from brownfields, especially recent production from fields owned by the last marginal field awardees.
“Again, that is salutary to the various initiatives of the commission, and the fact that of course some of the brownfields through the marginal field awards, have started producing and contributing to our national oil and gas reserve.
“In furtherance of the provisions of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r) and other powers enabling me in this respect, I declare the total oil and condensate reserves of 37.50 billion barrels and total gas reserves of 209.26 TCF as the official national petroleum reserves position as of January 1, 2024,” he stated.
Engr. Gbenga Komolafe said these figures shed light on the significant resources Nigeria possesses in terms of Oil and Gas reserves, reaffirming its
position as a key player in the global energy landscape, which is crucial for the country’s energy policies, investment decisions, and overall economic planning.
He added that consistent with President Bola Tinubu’s policy initiatives, the NUPRC had been working towards improving the sector’s performance, enhancing the growth of the country’s oil and gas reserves and ensuring stable production.
With his recent executive orders, Engr. Komolafe said President Bola Tinubu has shown determination towards removing obstacles to investments in Nigeria, improving the investment climate, positioning Nigeria as the preferred investment destination for the oil and gas sector in Africa and diversifying the economy for the benefit of all Nigerians
He stated that the NUPRC was committed to improving the country’s oil and gas reserves as well as the successful completion of all strategic initiatives that would enhance the sector’s productivity including the Nigerian Gas Flare Commercialisation Plan,NGFC P .
The NGFCP aims to fulfill Nigeria’s commitment to stop routine gas flaring within 10 years and lower global emissions and the Domestic Crude Oil Supply Obligation, DCSO, to meet the demands of local refineries.