The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the country’s oil and condensate reserves increased to 37.50 billion barrels as of January 1, up from 37.046 billion barrels in May 2022.
Chief executive officer of the commission, Gbenga Komolafe, who made this known at a press conference in Abuja, further stated that crude oil and condensate reserves stood at 31.56 billion barrels and 5.94 billion barrels respectively, amounting to a total of 37.50 billion barrels.
Associated gas and non-associated gas reserves amounted to 102.59 trillion cubic feet (TCF) and 106.67 TCF respectively — resulting in total gas reserves of 209.26 TCF during the period.
“Total oil and condensate reserves of 37.50 billion Barrels and Total Gas reserves of 209.26 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2024”.
“The Reserves Life Index is 68.01 Years and 97.99 Years for Oil and Gas respectively,” Komolafe added.
According to him, positive gross addition to oil and gas reserves of 1.087 Billion Barrels and 2.573 Trillion Cubic Feet respectively was recorded.
He expressed the commission’s commitment to improving the country’s oil and gas reserves as well as the successful completing all strategic initiatives that would enhance the sector’s productivity, including the Nigerian gas flare commercialisation plan (NGFCP).
