Nigeria’s crude oil and gas reserves have hit a record level, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)....READ ORIGINAL & FULL CONTENT FROM SOURCE | READ ORIGINAL & FULL CONTENT FROM SOURCE...
The Commission Chief Executive, Engr. Gbenga Komolafe announced the update in a statement on Friday. He revealed that Nigeria now holds 37.28 billion barrels of crude oil and condensate, as well as 210.54 trillion cubic feet of gas.
Komolafe said this development is in line with the goals outlined in the Petroleum Industry Act (PIA) of 2021, which aims to boost the country’s oil and gas output.
“The Commission, in keeping with its mandate as enshrined in the Petroleum Industry Act, 2021 (PIA), is committed to driving the efficiency and effectiveness of the upstream oil & gas sector, enhancing the growth of oil and gas reserves and ensuring sustainable increase in oil & gas production for shared prosperity as articulated in the Regulatory Action Plan for 2024 and the Near Term (RAP),” he said.
Breaking down the figures, Komolafe said, “Crude Oil and Condensate reserves stands at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.
Associated Gas and Non-Associated Gas reserves stands at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF.”
He also disclosed the estimated lifespan of the reserves, known as the Reserves Life Index.
“The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively,” he stated.
Based on these figures, Komolafe officially declared the national reserves status as of January 1, 2025.
“In view of the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i). i). (k), (m). (q). (r), and other powers enabling me in this respect, I, Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the Total Oil and Condensate reserves of 37.28 Billion Barrels and Total Gas reserves of 210.54 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2025.”