The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as of 1 January 2025.
The commission also said Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf) as of the same date.
Gbenga Komolafe, the NUPRC’s chief executive, who stated this said oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a total of 37.28 bb.
The News Agency of Nigeria (NAN) reports that the figure is against the 37.50 bb of proven crude oil reserves and proven natural gas reserves 209.26 tcf recorded in 2024.
Mr Komolafe said the Associated Gas and Non-Associated Gas reserves stood at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.
According to Mr Komolafe, the NUPRC, in keeping with its mandate as enshrined in the Petroleum Industry Act (PIA 2021), is committed to enhancing efficiency and effectiveness in the upstream oil and gas sector.
He said the commission would ensure the growth of oil and gas reserves towards ensuring sustainable increase in production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term.
“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 1, 2025, as follows:
“Crude Oil and Condensate reserves stands at 31.44bb and 5.84bb respectively, amounting to a total of 37.28bb.
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“Associated Gas and Non-Associated Gas reserves stands at 101.03 tcf and 109.51 tcf, respectively, resulting in total gas reserves of 210.54 tcf.
“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), (j), (k), (m), (q), (r), and other powers enabling me in this respect, I, Engr. Gbenga Komolafe, CCE, hereby declare the total oil and condensate reserves of 37.28bb.
“And total gas reserves of 210.54 tcf as the official National Petroleum Reserves Position as of Jan. 1, 2025,’’ he said.
(NAN)
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