The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Monday that the country’s oil and gas reserves stood at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels in May 2022.
At a press conference in Abuja, Engr. Gbenga Komolafe, Chief Executive Officer of the commission, said robust policies are in place to enhance and streamline oil and gas operations in the nation.
He said that the reserves of associated gas are at 102.59 trillion cubic feet (TCF) and non-associated gas at 106.67 TCF, totaling 209.26 TCF in gas reserves.
He noted that addressing issues concerning crude supply regulation and enforcement is crucial for ensuring the delivery of feedstock to local refineries and for resolving grievances from oil producers and Dangote Refinery within the designated time. frame.
According to him, there is high level of hydrocarbon capacity in Nigeria, which is positive for the nation.
This development follows reports that the country’s crude oil production declined in February and March of 2024.