Nigeria’s crude oil and gas reserves have hit a record high of 37.24 billion barrels and 210.5 trillion cubic feet, according to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe.
The development comes amidst efforts by the commission to raise reserves as encapsulated in the Petroleum Industry Act, 2021.
Disclosing this on Friday, Komolafe said, “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).
“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025, as follows:
“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.”
Komolafe said, “The Reserves Life Index is 64 Years and 93 Years for Oil and Gas. respectively.
“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 Ist January, 2025.”
Experts believe the growth in the reserves will help the country achieve its 2.06 million barrels per day set by the government.
Recall that last year, the NUPRC launched an aggressive plan to increase Nigeria’s oil production by 1 million barrels per day.
To achieve this, the NUPRC has successfully opened up the country for investment with the successful bid rounds which would allow increased oil production.
NUPRC’s 2024 bid round saw 25 winners emerge after a competitive bidding process. Major winners included Petroli Energy Marketing & Supply Limited (PPL 269), Sahara Deepwater Resource Limited (PPLs 270 and 271), Panout Oil and Gas Limited (PPL 300/301-CS), and TotalEnergies E&P Nigeria (PPL 2000/2001).
The round focused on fallow assets and aimed to boost Nigeria’s energy production.
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