Nigeria’s Crude Oil Reserves Reach 37.50 Billion Barrels – NUPRC

Nigeria’s Crude Oil Reserves Reach 37.50 Billion Barrels – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Nigeria’s crude oil reserves have increased from 36.96 billion barrels (bb) on January 1, 2023, to 37.50 bb on January 1, 2024. This update was provided by the NUPRC Chief Executive Officer (CEO), Gbenga Komolafe, during a press briefing in Abuja on Monday…….READ ALSO Obasanjo Sounds Alarm: Over 80% Of Nigeria’s Crude Oil Stolen

Additionally, Komolafe stated that the country’s natural gas reserves also saw growth, rising from N208.83 trillion Cubic Feet (TCF) on January 1, 2023, to 209.26TCF on January 1, 2024. He emphasized that these figures reflect Nigeria’s significant hydrocarbon capacity, describing the development as positive for the nation.

Komolafe attributed the increase in reserves to various initiatives by the commission, as well as production from marginal fields and brownfields. He highlighted the contribution of these fields to Nigeria’s national oil and gas reserves.

In a related development, the Nigerian National Petroleum Company Limited (NNPCL) has announced plans to boost its gas output, targeting both local and international markets. This strategic move, according to the Group Chief Executive Officer, Mele Kyari, aims to restore economic prosperity and stabilize the national currency, the Naira. Kyari made this commitment during a press briefing after meeting with President Bola Tinubu in Lagos, where the President was celebrating the Eid-el-Fitr holidays. The initiative aligns with the Nigerian government’s broader economic strategies to strengthen the energy sector and support economic recovery efforts.

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