The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that the country’s oil and gas reserves reached 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels recorded in May 2022.
Speaking at a press conference in Abuja, the Chief Executive Officer of NUPRC, Engr. Gbenga Komolafe, highlighted the implementation of robust policies aimed at enhancing and streamlining oil and gas operations in Nigeria.
Komolafe noted that the reserves of associated gas stand at 102.59 trillion cubic feet (TCF) and non-associated gas at 106.67 TCF, totaling 209.26 TCF in gas reserves.
He emphasized the importance of addressing issues related to crude supply regulation and enforcement to ensure the delivery of feedstock to local refineries and resolve grievances from oil producers and the Dangote Refinery within the designated timeline.
“Some of the brownfields and marginal fields have started producing and contributing to our national oil and gas reserves,” Engr. Komolafe stated, highlighting the positive impact of ongoing developments in the sector.
The increase in oil reserves comes amidst reports of a decline in Nigeria’s crude oil production in February and March 2024, as noted in a previous report by the Organization of Petroleum Exporting Countries (OPEC). OPEC reported a significant reduction in oil production by 91,000 barrels per day during this period.
