The Nigerian Upstream Petroleum Regulatory Commission has said that the country’s oil and gas reserves grew by about 500 million barrels between May 2022 and January 2024.
Gbenga Komolafe, Chief Executive of the Commission, who disclosed this at a press conference in Abuja on Monday, said the country’s reserve stood at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion as of May 2022.
Komolafe attributed the feat to the creation of strong policies aimed at improving and optimising oil and gas operations in the country by the Commission.
According to him, the gas and non-associated gas reserves stand at 102. 59 trillion cubic feet (TCF) and 106.67 TCF respectively, resulting in total gas reserves at 209.26 TCF.
He added that issues related to crude supply regulation and enforcement, are vital in prioritising the supply of feedstock to local refineries and addressing complaints from oil producers and Dangote Refinery within the stipulated period.
The development comes after reports on how the country’s crude oil production dropped in February and March 2024.
Data obtained from the latest April 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries showed that Nigeria’s crude oil production (excluding condensates) witnessed the second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March, from 1.322 million barrels per day of crude in February this year.
Quoting direct communication from Nigeria, OPEC said the drop in production represented a plunge of 91,000bpd.
