The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said yesterday that Nigeria’s crude oil reserves rose from 36.96 billion barrels (bb) to 37.50bb within a year.
The natural gas reserves also increased from 208.83 Trillion Cubic Feet (TCF) to 209.26TCF within the same period.
The records are contained in the January 2023 to January 2024 update given in Abuja yesterday by NUPRC Chief Executive Officer (CEO) Gbenga Komolafe.
He attributed the increase in the reserves to production from some of the marginal fields in the country and the several initiatives of the commission.
The NUPRC boss said: “The brownfields and marginal fields, some of them, have started producing and contributing to our national oil and gas reserves.”
According to him, the data shows the level of hydrocarbon capacity the nation is endowed with.
On the template for domestic crude oil supply obligation, Komolafe said that in compliance with the provisions of Section 109(2) of the Petroleum Industry Act (PIA), 2021, the commission, in a landmark move, has developed a template guiding the activities for Domestic Crude Oil Supply Obligation (DCSO).
He recalled that in conjunction with relevant stakeholders from Nigerian National Petroleum Company (NNPCL), Upstream Investment Management Services (NUIMS), representatives of Crude Oil/Condensate Producers, Crude Oil Refinery-Owners Association of Nigeria (CORAN) and Dangote Petroleum Refinery, the commission 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.
Komolafe said the strategic initiative aligns with the policy of the current administration and the declaration of President Bola Ahmed Tinubu that Nigeria is ready for business.
