Nigeria’s hydrocarbons’ reserves as of January 1, 2024, jumped by 1.087 billion barrels while its gas reserves upped by 2.573 trillion cubic feet (TCF).
The chief executive of the NUPRC, Mr. Gbenga Komolafe, announced the figures at the ‘National annual petroleum reserves position as of 1st January 2024 and template for domestic crude oil supply obligation guidelines,” conference held yesterday in Abuja.
With the development, Nigeria now boasts 37.5 billion crude oil reserves, while its total gas resources as of the beginning of 2024 stands at 209.26 TCF.
Komolafe explained that the reserves life index also stands at 68.01 years and 97.99 years for oil and gas respectively.
A breakdown of the data showed that crude oil and condensate reserves currently stand at 31.56 billion barrels and 5.94 billion barrels respectively, to hit 37.50 billion barrels.
Also, associated gas and non-associated gas reserves stand at 102.59 TCF and 106.67 TCF respectively, resulting in total gas reserves of 209.26 TCF, according to the upstream regulator.
Only Libya with over 48 billion oil reserves tops Nigeria in Africa, while Nigeria is the clear leader in ownership of gas stock, holding over 33 per cent of the entire continent’s reserves.
The NUPRC chief further said the agency had been working toward improving the sector’s performance, enhancing the growth of the country’s oil and gas reserves and ensuring stable production.
He also said most of the new additions to the reserves were from brown fields, especially recent production from fields owned by the last marginal fields awardees.
“Some of the brown fields through the marginal field awards have started producing and contributing to our national oil and gas reserve.
“In furtherance of the provisions of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r) and other powers enabling me in this respect, I declare the total oil and condensate reserves of 37.50 billion barrels and total gas reserves of 209.26 TCF as the official national petroleum reserves position as of January 1, 2024,” he added.
