The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the nation’s oil and gas reserves as of January 1, 2024, have reached 37.50 billion barrels, compared to the 37.046 billion barrels reported in May 2022.
Chief Executive of the Commission, Engr Gbenga Komolafe at a press conference in Abuja, unveiled robust policies designed to enhance and optimise oil and gas operations across the country.
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Mr Komolafe noted that the gas reserves, including non-associated gas, stand at 102.59 trillion cubic feet (TCF) and 106.67 TCF respectively, summing the total gas reserve to 209.26 TCF.
The Chief Executive of the Commission emphasised the importance of addressing issues of crude supply regulation and enforcement, particularly in prioritising feedstock supply to local refineries and addressing grievances from oil producers and the Dangote Refinery within specified timelines.
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This announcement follows reports of a decline in the country’s crude oil production in February and March 2024.
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In the Monthly Oil Market Report of the Organization of the Petroleum Exporting Countries (OPEC) April 2024, Nigeria’s crude oil production, excluding condensates experienced its second consecutive monthly decline since in the year, dropping to 1.231 million barrels per day in March from 1.322 million barrels per day in February.
Referencing data from Nigeria, OPEC stated that the production decrease amounted to a reduction of 91,000 barrels per day.