The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday, said the Nation’s oil and gas reserves as of January 1, 2024, stand at 37.50 billion barrels, from 37.046 billion barrels recorded as of May 2022.
During a press conference in Abuja, Chief Executive of the Commission, Engr Gbenga Komolafe, announced the creation of strong policies aimed at improving and optimising oil and gas operations in the country.
According to him, the gas and non-associated gas reserves stand at 102. 59 trillion cubic feet (TCF) and 106.67 TCF respectively, resulting in total gas reserves at 209.26 TCF.
He added that issues related to crude supply regulation and enforcement, are vital in prioritizing the supply of feedstock to local refineries and addressing complaints from oil producers and Dangote Refinery within the stipulated period.
ALSO READ: Tariff hike: NUEE threatens to embark on strike
The development comes after reports on how the country’s crude oil production dropped in February and March 2024.
Data obtained from the latest April 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries showed that Nigeria’s crude oil production (excluding condensates) witnessed the second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March, from 1.322 million barrels per day of crude in February this year.
Quoting direct communication from Nigeria, OPEC said the drop in production represented a plunge of 91,000bpd.
