Gas Reserves Rise by 2.09tcf to 208.62tcf

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria’s total gas reserves increased by 2.09 trillion cubic feet (TCF) while the country’s gas stock expanded by 136 million barrels as of January 2022.

NUPRC, the country’s oil and gas regulator, said the gas reserves grew from 206.53 TCF to 208.62 tcf, climbing 1.01 per cent while crude recorded a marginal increase of 0.37 per cent.

The Chief Executive of NUPRC, Mr Gbenga Komolafe made this disclosure during a news conference to assess his first six months in office, saying since January 1, the nation’s oil reserves moved from 36.910 billion barrels to 37.046 billion barrels.

Komolafe stated that the new figures were arrived at after the operators in the sector submitted their annual reports of reserves to the commission.

He disclosed that a total of 61 operating companies submitted the document in 2021 in line with the provisions of the Petroleum Industry Act (PIA) 2021.

“Analysis of the report indicates that the nation’s oil and condensate reserves status as at 1st January 2022 was 37.046 billion barrels representing a slight increase of 0.37 per cent compared to 36.910 billion barrels as at 1st January 2021.

“On the other hand, the national gas reserves status as of 1st January 2022 was 208.62 TCF, representing an increase of 1.01 per cent compared to 206.53 TCF as at 1st January 2021.”

On initiatives to enhance crude oil production, Komolafe said the commission “has initiated a massive campaign dedicated to the identification of oil and gas wells producing below capacity.