NUPRC says the country’s oil and condensate reserves stood at 37.50 billion barrels as of January 1, up from 37.046 billion barrels in May
The Nigerian Upstream Petroleum Regulatory Commission says the country’s oil and condensate reserves stood at 37.50 billion barrels as of January 1, upGbenga Komolafe, chief executive officer of the commission, spoke during a press conference in Abuja on Monday.
He said crude oil and condensate reserves stood at 31.56 billion barrels and 5.94 billion barrels respectively, amounting to a total of 37.50 billion barrels. Also, associated gas and non-associated gas reserves amounted to 102.59 trillion cubic feet and 106.67 TCF respectively — resulting in total gas reserves of 209.26 TCF during the period.Therefore, the NUPRC CEO declared the “total oil and condensate reserves of 37.50 billion Barrels and Total Gas reserves of 209.26 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2024”.“Positive gross addition to oil and gas reserves of 1.087 Billion Barrels and 2.
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