News

April 16, 2024

Nigeria grows oil reserves to 37.5 billion barrels

Oil

By Ediri Ejoh

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, said the nation’s oil and gas reserves has risen to 37.50 billion barrels as at January 2024, as against 37.046 billion it announced in May 2022.

During a press conference in Abuja, Engr Gbenga Komolafe, Chief Executive of the Commission, announced the creation of strong policies aimed at improving and optimising oil and gas operations in the country.

According to him, the gas and non-associated gas reserves is 102. 59 trillion cubic feet (TCF) and 106.67 TCF respectively, resulting in total gas reserves at 209.26 TCF.

According to him issues related to crude supply regulation and enforcement are vital in prioritising the supply of feedstock to local refineries and addressing complaints from oil producers and Dangote Refinery within the stipulated period.

The development comes after reports on how the country’s crude oil production dropped in February and March 2024.

Data obtained from the April 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries (OPEC) showed that Nigeria’s crude oil production (excluding condensates) witnessed the second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March, from 1.322 million barrels per day of crude in February this year.