The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has introduced that Nigeria’s crude oil reserves now stand at 37.28 billion barrels and its fuel reserves hit 210.54 trillion cubic toes (tcf) as of January 1, 2025.
This was disclosed by Engr. Gbenga Komolafe, the Fee Chief Government of NUPRC, on Friday.
Komolafe famous that the determine consists of 31.44 billion barrels of crude oil and 5.84 billion barrels of condensates, based on a report by the Information Company of Nigeria (NAN).
“The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) on Friday mentioned that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025.
“The fee additionally mentioned that Nigeria’s fuel reserves hit 210.54 trillion Cubic Ft (tcf).
“Mr Gbenga Komolafe, Fee Chief Government, NUPRC, who said this, mentioned that oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a complete of 37.28 bb,” the supply learn partly.
He defined that on the fuel aspect, Nigeria’s complete pure fuel reserves have risen to 210.54 trillion cubic toes (tcf), made up of 101.03 tcf of Related Gasoline (fuel discovered with crude oil) and 109.51 tcf of Non-Related Gasoline (fuel discovered alone in reservoirs with out oil).
The NAN report additionally indicated a slight drop in oil reserves, which stood at 37.50 billion barrels in 2024, however famous a marginal enhance in fuel reserves, up from 209.26 trillion cubic toes (tcf) recorded within the earlier 12 months.
Komolafe defined that it aligns with the Petroleum Business Act (PIA) 2021 and the NUPRC’s Regulatory Motion Plan for 2024 and the Close to Time period.
He additional revealed that the Reserves Life Index, which is an estimate of how lengthy the reserves would final on the present manufacturing stage, is 64 years for oil and 93 years for fuel respectively.
Komolafe added that Nigeria’s up to date nationwide petroleum reserves, stating that the nation’s crude oil and condensate reserves now complete 37.28 billion barrels, whereas pure fuel reserves stand at 210.54 trillion cubic toes.
He famous that these figures signify the official nationwide reserves place as of January 1, 2025.
What it is best to know
- Just lately, President Bola Tinubu pledged to extend Nigeria’s crude oil manufacturing from below 1.5 million barrels per day to over 2 million bpd in 2025.
- In March, Nigeria’s oil manufacturing surged in February, surpassing its OPEC quota of 1.5 million bpd by 70,000 bpd, contributing to the cartel’s total output enhance, as reported in a Reuters survey.
- In accordance with Nairametrics’ calculations based mostly on figures from the NUPRC’s Crude Oil and Condensate Manufacturing Report, 2024, Nigeria produced 566,794,493 barrels of crude oil and condensate from January to December 2024.
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