Nigeria’s crude oil and gas reserves have hit a record high of 37.24 billion barrels and 210.5 trillion cubic feet, according to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe.
The development comes amidst efforts by the commission to raise reserves as encapsulated in the Petroleum Industry Act, 2021.
“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025, as follows:
“Crude Oil and Condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.
“Associated Gas and Non-Associated Gas reserves stand at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF.”
Komolafe said, “The Reserves Life Index is 64 Years and 93 Years for Oil and Gas. respectively.
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The development comes amidst efforts by the commission to raise reserves as encapsulated in the Petroleum Industry Act, 2021.
“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025, as follows:
“Crude Oil and Condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.
“Associated Gas and Non-Associated Gas reserves stand at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF.”
Komolafe said, “The Reserves Life Index is 64 Years and 93 Years for Oil and Gas. respectively.
Read more at LeadershipNG