Nigeria’s oil reserves rises to 37.50bn barrels – NUPRC

Chief Executive Officer of NUPRC Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Engr. Gbenga Komolafe, says Nigeria’s oil and condensate reserves rose to 37.50 billion barrels in January 2024.

Engr. Komolafe, who disclosed this when he addressed journalists in Abuja, said 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.

The NUPRC Chief Executive said, “Associated Gas and Non-Associated Gas reserves stand at 102.59 Trillion Cubic Feet (TCF) and 106.67 TCF respectively, resulting in total Gas reserves of 209.26 TCF”.

The Commission’s helmsman explained that the Reserves Life Index is 68.01 years and 97.99 years for oil and gas respectively, positive gross addition to oil and gas reserves of 1.087 Billion Barrels and 2.573 Trillion Cubic Feet respectively recorded within the period.

He said the regulator is committed to improving the country’s oil and gas reserves as well as the successful completion of all strategic initiatives that would enhance the sector.

He noted that the Nigerian Gas Flare Commercialisation Plan (NGFCP) would further fast-track the nation’s drive to end routine gas flaring and contribute to the reduction of global emissions, and the Domestic Crude Oil Supply Obligation (DCSO), to meet demands of local refineries.

He further stated that consistent with President Bola Tinubu’s policy initiatives and incentives aimed at enhancing investment and productivity in the upstream oil and gas sector, the Commission has been working assiduously towards improving the sector performance, enhancing the growth of oil and gas reserves and ensuring stable production for shared prosperity.

Engr. Komolafe announced the development of a template that will streamline the activities for Domestic Crude Oil Supply Obligation (DCSO).

He said, the Commission in conjunction with relevant stakeholders from NNPC Upstream Investment Management Services (NUIMS), representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria (CORAN) and Dangote Petroleum Refinery came up with the template in a bid to foster a seamless implementation of the DCSO and ensure consistent supply of crude oil to domestic refineries.