The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s oil and gas reserves experienced a marginal growth of 1.4% for oil and 0.5% for gas in the previous year. According to the annual national petroleum reserves position report, as of January 1, 2024, oil reserves reached 37.50 billion barrels, up from 36.966 billion barrels on January 1, 2023. The oil reserve consists of 31.56 billion barrels of crude oil and 5.94 billion barrels of condensate oil. Additionally, natural gas reserves increased to 209 trillion cubic feet, compared to 208.83TCF in the previous year, with 102.59TCF being associated gas and 106.67TCF being non-associated gas.
The growth in oil and gas reserves is attributed to the development of brownfield projects awarded through marginal field awards. NUPRC’s Chief Executive, Engr. Gbenga Komolafe, further stated that a new template for domestic crude oil supply obligations has been released and is now effective. This initiative aims to ensure domestic refineries have enough crude oil for refining, contributing to Nigeria’s self-sufficiency in petroleum products upon the completion of Dangote and NNPC refineries.
Komolafe explained that this strategic move aligns with the current administration’s policy and the declaration by President Bola Ahmed Tinubu that Nigeria is ready for business. The new template addresses ten issues affecting crude supply to local refineries, including load allocation and currency of payments. It provides a transparent framework to foster collaboration among stakeholders, ultimately benefiting the energy sector.
