The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Monday that the country’s oil and gas reserves stood at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels in May 2022.
At a press conference in Abuja, Engr. Gbenga Komolafe, Chief Executive Officer of the commission, said robust policies are in place to enhance and streamline oil and gas operations in the nation.
He said that the reserves of associated gas are at 102.59 trillion cubic feet (TCF) and non-associated gas at 106.67 TCF, totaling 209.26 TCF in gas reserves.
He noted that addressing issues concerning crude supply regulation and enforcement is crucial for ensuring the delivery of feedstock to local refineries and for resolving grievances from oil producers and Dangote Refinery within the designated time. frame.
- “Some of the brownfields and marginal fields have started producing and contributing to our national oil and gas reserves,” he said.
According to him, there is high level of hydrocarbon capacity in Nigeria, which is positive for the nation.
What you should know
This development follows reports that the country’s crude oil production declined in February and March of 2024.
- According to the latest data from the April 2024 Monthly Oil Market Report by the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production, not including condensates, experienced its second consecutive monthly decrease at the start of this year.
- The figures revealed a reduction to 1.231 million barrels per day in March, down from 1.322 million barrels per day in February.
- OPEC reported that this decline in oil production signifies a significant reduction of 91,000 barrels per day.
- Meanwhile, the Minister of State for Petroleum, Heineken Lokpobiri, attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline and maintenance activities by some oil companies.
