Nigeria’s Crude Oil Reserves Hit 37.50 Billion Barrels – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said Nigeria’s crude oil reserves increased from 36.96 billion barrels (bb) on January 1, 2023, to 37.50 bb on January 1, 2024.

the NUPRC Chief Executive Officer (CEO), Gbenga Komolafe, stated this while speaking with reporters in Abuja, on Monday.

Also, the NUPRC boss stated that the country’s Natural Gas reserves rose from N208.83 trillion Cubic Feet (TCF) on January 1, 2023, to 209.26TCF on January 1, 2024.

According to him, the data indicates the level of hydrocarbon capacity the nation is endowed with while describing the development declaration as positive for Nigeria.

Komolafe added that the data showed the country’s level of hydrocarbon capacity.

The NUPRC boss said several commission initiatives were accountable for the feat. He also attributed the reserve increase to production from some of the marginal fields.

He said, “Some of the brownfields and marginal fields have started producing and contributing to our national oil and gas reserves.”

The Nigerian National Petroleum Company Limited (NNPCL) is set to increase its gas output, targeting both local and international markets.
This strategic move is promised to restore economic prosperity and stabilize the national currency, the Naira.

The Group Chief Executive Officer, Mele Kyari, made this commitment on Thursday during a press briefing after his visit to President Bola Tinubu in Lagos, where the President is celebrating the Eid-el-Fitr holidays.

Kyari’s announcement aligns with the Nigerian government’s broader economic strategies, which include bolstering the country’s energy sector to support economic recovery efforts.