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Nigeria’s oil reserves surge to 37.5 bln barrels, gas resources reach 209.26 TCF ~ NUPRC report

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed a significant rise in Nigeria’s hydrocarbon reserves as of January 1, 2024.

With crude oil stocks soaring by 1.087 billion barrels and gas reserves skyrocketing by an impressive 2.573 trillion cubic feet (TCF), Nigeria is poised for a remarkable energy future.

Under the leadership of the Chief Executive of the NUPRC, Gbenga Komolafe Nigeria now proudly boasts 37.5 billion barrels in crude oil reserves, alongside a staggering 209.26 TCF in total gas resources.

This milestone positions Nigeria as a key player on the global energy stage, reaffirming its status as Africa’s leading gas stockholder with over 33% of the continent’s reserves.

During the exclusive event, “National Annual Petroleum Reserves Position as of January 1, 2024 and Template for Domestic Crude Oil Supply Obligation Guidelines,” held in Abuja, Komolafe highlighted the strategic initiatives driving Nigeria’s energy sector forward.

He emphasised President Bola Tinubu’s visionary policies aimed at enhancing sector performance, stimulating reserve growth, and ensuring stable production.

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Komolafe underscored the significance of Nigeria’s abundant hydrocarbon wealth, attributing the surge in reserves primarily to brownfield developments, including recent productions from fields awarded to marginal field awardees.

In a bold move aligned with the provisions of the Petroleum Industry Act (PIA) 2021, the NUPRC unveiled a groundbreaking template guiding domestic crude oil supply obligations.

Developed in collaboration with key stakeholders, including NNPC Upstream Investment Management Services and industry representatives, this template heralds a new era of cooperation between oil producers and refinery owners.

With Nigeria’s commitment to ending routine gas flaring and enhancing domestic refining capacity, strategic initiatives like the Nigerian Gas Flare Commercialization Plan (NGFCP) and the Domestic Crude Oil Supply Obligation (DCSO) are poised to drive sustainable growth and development.

Despite Nigeria’s abundant fossil fuel reserves, challenges such as oil theft and vandalism have hindered optimal production. However, with a renewed focus on collaboration and strategic planning, Nigeria is poised to unlock its full energy potential, ushering in a new era of prosperity for the nation and its people.

As Nigeria charts its course towards energy self-reliance and economic diversification, the NUPRC remains steadfast in its commitment to fostering a vibrant and sustainable petroleum landscape, setting the stage for a prosperous future for all Nigerians.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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