In a recent announcement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that Nigeria’s oil and gas reserves have surged to 37.50 billion barrels as of January 1, 2024.
This marks a notable increase from the 37.046 billion barrels recorded in May 2022.
Sharing this during a press briefing held in Abuja, the Chief Executive of the Commission, Engr Gbenga Komolafe, outlined the implementation of robust policies that is aimed at enhancing and streamlining oil and gas operations across the nation.
He shared that the gas reserves and non-associated gas reserves now stand at 102.59 trillion cubic feet (TCF) and 106.67 TCF respectively, resulting in a total gas reserve of 209.26 TCF.
He further harped on the importance of addressing issues that concern crude supply regulation and enforcement, particularly in prioritizing feedstock supply to local refineries and resolving grievances from oil producers and the Dangote Refinery within specified timeframes.
This announcement follows reports indicating a decline in Nigeria’s crude oil production during February and March 2024.
According to data from the April 2024 Monthly Oil Market Report released by the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production (excluding condensates) experienced a second consecutive monthly decrease, dropping to 1.231 million barrels per day in March from 1.322 million barrels per day in February.
OPEC communicated that this decline represented a reduction of 91,000 barrels per day, stressing the need for concerted efforts to address production challenges and maintain stability in the oil market.
