The country’s oil and gas reserves as of January 1, 2024, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), are 37.50 billion barrels, up from 37.046 billion barrels as of May 2022.This information was released on Monday.
The Commission Chief Executive, Engr Gbenga Komolafe, stated at a press conference in Abuja on Monday that the combined gas and non-associated gas reserves are 209.26 trillion cubic feet (TCF) overall, with the gas and non-associated gas reserves being 102.59 and 106.67 TCF, respectively.
The statement complies with the requirements of Sections 7(i), (j), (k), and (r) of the Petroleum Industry Act (PIA) 2021, which mandates that the Commission receive an annual report on reserves from all operational exploration and production companies.
The announcement follows accounts of the nation’s declining crude oil output in February and March of 2024.
During the meeting, Komolafe also disclosed a sanctioned policy for the Domestic Crude Oil Supply Obligations.
In order to prioritize the delivery of feedstock to local refineries and respond to complaints from oil producers and Dangote Refinery within the allotted time, he said, issues pertaining to crude supply regulation and enforcement are crucial.
According to him, there would be more cooperation between regional refineries and producing businesses in the second half of 2024, paving the way for Nigeria to have a more stable and independent petroleum industry.
The regulation, which is currently in force, addresses a number of concerns, including those related to logistics, oil requirements, payment methods, currencies, and legal matters.
According to the head of NUPRC, the new template will guarantee that the Domestic Crude Oil Supply Obligations are implemented smoothly.