Nigerian Upstream Petroleum Regulatory Commission has declared a total Oil and Condensate reserves of 37.50 Billion Barrels and Total Gas reserves of 209.26 Trillion Cubic Feet of Gas as the official National Petroleum Reserves Position as of 1st January 2024.
Chief Executive Officer of NUPRC, Gbenga Komolafe in a session with newsmen, attributed the increase in the reserves to production from some of the marginal fields in the country, while lauding the different initiatives of the commission for the feat.
According to Komolafe, some of the brownfields and marginal fields have started producing and contributing to national oil and gas reserves, a data that indicates the level of hydrocarbon capacity the available in Nigeria.
Nigeria’s crude oil reserves increased from 36.96 billion barrels (bb) on January 1st, 2023 to 37.50bb on January 1st, 2024.
