Nigeria’s Oil Reserves Hit 37.50bn Barrels, Gas 209.26 TCF – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the combined Crude Oil and Condensate reserves stood at 37.50 Billion Barrels, while the Associated Gas and Non-Associated Gas reserves stood at 209.26 TCF as of January 1, 2024.

The Commission Chief Executive of the NUPRC, Engr Gbenga Komolafe who released the current status of the Nigerian crude oil and gas reserves on Monday in Abuja, noted that crude oil reserves stood at 31.56 Billion Barrels, condensate reserves stood at 5.94 billion barrels, while associated gas and non-Associated gas reserves stood at 102.59 trillion Cubic Feet (TCF) and 106.67 TCF respectively.

Engr Komolafe who noted that the Reserves Life Index was 68.01 Years and 97.99 Years for Oil and Gas respectively, added that the press briefing tagged: ‘national annual petroleum reserves position as of 1st January 2024 and template for domestic crude oil supply obligation guidelines’ was consistent with President Bola Ahmed Tinubu’s policy initiatives and incentives aimed at enhancing investment and productivity in the upstream oil and gas sector.

According to him, a template has been developed and unveiled by the agency to ensure seamless domestic crude oil supply obligation. Komolafe added that the guidelines which have become functional cover all relevant areas of operations in the sector.

Areas which the template dealt with include Legal Framework, Procedure For Implementation of
Domestic Crude Oil Supply Obligations (DCSO), Procedures for crude oil requirement and allocation, Payment Instrument, Currency of payment, logistics scheduling, Continuous obligation, Crude oil diversion, and Defaults, among others.

He said: “The NUPRC, as the industry regulator has since inception been working to achieve fundamental goals which are in line with the President’s aspirations through diligent operationalisation of the Petroleum Industry Act, 2021 and implementation of the Regulatory Action Plan 2024 and Near Term.

“Let me reiterate that the Commission 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’s productivity including the Nigerian Gas Flare Commercialisation Plan (NGFCP), which will drive the attainment of Nigeria’s pledge to end routine gas flaring within this decade and contribute to the reduction of global emissions, and the Domestic Crude Oil Supply Obligation (DCSO), to meet demands of local refineries.

“In view of this, 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 Ist, 2024, as follows:

“Crude Oil and Condensate reserves stand at 31.56 Billion Barrels and 5.94 Billion Barrels respectively, amounting to a total of 37.50 Billion Barrels

“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 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 was recorded.

“In view of the above, and in furtherance of the provisions of Chapter 1, Part Ill, Section 7 (g). (i). (j). (k). (m). (q). (r) and other powers enabling me in this respect, declare the Total Oil and Condensate reserves of 37.50 Billion Barrels and Total Gas reserves of 209.26 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2024.”