By Sunday Etuka, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the nation’s oil and condensate reserves increased to 37.50 Billion Barrels in January 2024.
Commission Chief Executive, NUPRC, Engr. Gbenga Komolafe disclosed this on Monday while addressing newsmen in Abuja.
He said, “Crude Oil and Condensate reserves stand at 31.56 Billion Barrels and 5.94 Billion Barrels respectively, amounting to a total of 37.50 Billion Barrels”.
Engr. Komolafe also said, “Associated Gas and Non-Associated Gas reserves stand at 102.59 Trillion Cubic Feet (TCF) and 106.67 TCF respectively, resulting in total Gas reserves of 209.26 TCF”.
He noted that while, the Reserves Life Index is 68.01 Years and 97.99 Years for Oil and Gas respectively, positive gross addition to oil and gas reserves of 1.087 Billion Barrels and 2.573 Trillion Cubic Feet respectively were recorded within the period.
The NUPRC boss reiterated the Commission’s commitment to improving the country’s oil and gas reserves as well as the successful completion of all strategic initiatives that would enhance the sector’s productivity.
This, according to him, includes the Nigerian Gas Flare Commercialisation Plan (NGFCP), which will drive the attainment of Nigeria’s pledge to end routine gas flaring and contribute to the reduction of global emissions, and the Domestic Crude Oil Supply Obligation (DCSO), to meet demands of local refineries.
He further stated that consistent with President Bola Tinubu’s policy initiatives and incentives aimed at enhancing investment and productivity in the upstream oil and gas sector, the Commission has been working assiduously towards improving the sector performance, enhancing the growth of oil and gas reserves and ensuring stable production for shared prosperity.
Engr. Komolafe announced that the Commission in a landmark move, has developed a template guiding the activities for Domestic Crude Oil Supply Obligation (DCSO).
He said, the Commission in conjunction with relevant stakeholders from NNPC Upstream Investment Management Services (NUIMS), representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria (CORAN) and Dangote Petroleum Refinery came up with the template for the buy-in of all, in a bid to foster a seamless implementation of the DCSO and ensure consistent supply of crude oil to domestic refineries.
While unveiling template, he said, it aligns with nation’s commitment to bolstering domestic refining capacity and ensuring the sustainability of its oil industry.
According to him, the template provided a transparent framework aimed at fostering collaboration among stakeholders for a thriving energy sector.
He expressed optimism that with the initiative, the second half of 2024 was poised to witness increased synergy between local refineries and producing companies, setting the stage for a more robust and self-reliant petroleum landscape in Nigeria.
