The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported an increase of 1 billion barrels in Nigeria’s crude oil reserves and a jump of 2.573 trillion cubic feet (TCF) in natural gas reserves,Energy News Africa reports.
As of January 1, 2024, Nigeria’s combined proven reserves of crude oil and condensate reached 37.50 billion barrels, while associated natural gas and non-associated gas reserves reached 209.26 trillion cubic feet, according to Gbenga Komolafe, CEO of NUPRC.
Among these reserves, crude oil accounted for 31.56 billion barrels, with condensate at 5.94 billion barrels, as outlined in a statement released by NUPRC on Tuesday. Nigeria currently ranks second in Africa for crude oil reserves, trailing behind Libya.
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Regarding natural gas reserves, Nigeria holds the top position in Africa, boasting over 33% of the continent’s estimated reserves. The country’s natural gas reserves amount to 97.99 years, while crude reserves stand at 68 years, according to Komolafe.
Komolafe emphasized that these figures underscore Nigeria’s significant resources in the oil and gas sector, reaffirming its status as a prominent player in the global energy landscape. This recognition is vital for informing the country’s energy policies, investment strategies, and overall economic planning, NUPRC stated.
In a bid to further enhance proven crude oil reserves, Nigeria’s state oil firm NNPC initiated exploration in onshore frontier basins last year, aiming to reach a target of 50 billion barrels.
However, challenges such as oil theft and pipeline vandalism continue to plague Nigeria’s upstream oil and gas industry, leading to the departure of major players and frequent force majeure declarations at crucial crude oil export terminals.
