Nigeria's oil reserves have increased by 1.4% to 37.5 billion barrels, while natural gas reserves ha
Yesterday, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that Nigeria's oil and gas reserves experienced slight growth last year, increasing by 1.4% and 0.5% respectively.
In its annual national petroleum reserves position report, the Commission revealed that as of January 1, 2024, oil reserves amounted to 37.50 billion barrels, up from 36.966 billion barrels recorded on January 1, 2023.
The reserve comprises 31.56 billion barrels of crude oil and 5.94 billion barrels of condensate oil.
As of January 1, 2024, natural gas reserves totaled 209 trillion cubic feet, slightly up from the 208.83TCF recorded during the same period last year. These reserves consist of 102.59TCF of associated gas and 106.67TCF of non-associated gas.
The Chief Executive of the Commission, Engr. Gbenga Komolafe, attributed the growth in oil and gas reserves to contributions from the development of brownfields, which were awarded through marginal field awards.
Komolafe highlighted that a new template for domestic crude oil supply obligations has been released and implemented to ensure domestic refineries have an adequate supply of crude oil for refining.
He emphasized that with these supply obligations in place, he anticipates Nigeria to achieve self-sufficiency in petroleum product supply once the Dangote and NNPC refineries operate at full capacity in the second half of the year.
Komolafe stated, "This strategic initiative aligns with the policies of the current administration and President Bola Ahmed Tinubu's assertion that Nigeria is open for business. The President's fiscal policy has removed barriers to investment in the oil and gas sector. Additionally, it aligns with Nigeria's commitment to enhancing domestic refining capacity and ensuring the sustainability of its oil industry."
The template offers a transparent framework designed to promote collaboration among stakeholders for a flourishing energy sector.
He revealed that the template addressed approximately ten issues concerning crude supply to local refineries, including load allocation and payment currency.
He clarified that payments would be in either United States Dollar or Naira, or a combination of both. Additionally, the payment split in cases of dual currency payment would be as stipulated in the Sales and Purchase Agreement between the Producer and the Refiner.
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