The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that the country’s total oil reserves “currently stand at 37.28 billion barrels” while total gas reserves of 210.54 trillion cubic feet.
In a statement released to journalists on Friday by Engr. Gbenga Olu Komolafe, the Commission Chief Executive (CCE), said the decision to announce the country’s oil and gas reserves was derived from its mandate as a regulator.
“Crude oil and condensate reserves stand 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 stand at 101.03 trillion cubic feet (TCF) and 109.51 TCF, respectively, resulting in total gas reserves of 210.54 TCF.
“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 I5 January, 2025.
“The Reserves Life Index is 64 Years and 93 Years for Oil and Gas. Respectively; the Commission, in keeping with its mandate as enshrined in the Petroleum Industry Act. 202) (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,” he said.