Nigeria’s oil, gas reserves reach 37.50 billion barrels — NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Monday that the country’s oil and gas reserves had reached 37.50 billion barrels as of January 1, 2024, marking an increase from 37.046 billion barrels in May 2022.

This declaration was made by Engr. Gbenga Komolafe, Chief Executive Officer of the commission, during a press conference held in Abuja. Komolafe emphasized the implementation of robust policies aimed at enhancing and streamlining oil and gas operations nationwide.

Komolafe also disclosed that the reserves of associated gas stood at 102.59 trillion cubic feet (TCF) and non-associated gas at 106.67 TCF, totaling 209.26 TCF in gas reserves.

Addressing issues concerning crude supply regulation and enforcement, he stressed their significance in ensuring the delivery of feedstock to local refineries and resolving grievances from oil producers and Dangote Refinery within the designated timeframe.

“Some of the brownfields and marginal fields have started producing and contributing to our national oil and gas reserves,” he stated, highlighting the positive impact on the nation’s hydrocarbon capacity.

This announcement follows reports of a decline in Nigeria’s crude oil production in February and March 2024, according to the April 2024 Monthly Oil Market Report by the Organisation of Petroleum Exporting Countries (OPEC).

The data revealed a reduction to 1.231 million barrels per day in March, down from 1.322 million barrels per day in February, signifying a significant decrease of 91,000 barrels per day.

Minister of State for Petroleum, Heineken Lokpobiri, attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline and maintenance activities by some oil companies.