By Chidi Ugwu
Federal Government on Friday declared the official national petroleum reserves as of January 1, 2025 stating that the total crude oil and condensate reserves stand at 37.28 billion barrels, while the total gas reserves have reached 210.54 trillion cubic feet.
Engr. Gbenga Olu Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), made the disclosure in a statement he personally signed, stating that the update reflects a slight adjustment from previous figures, which reported 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of gas as of January 1, 2024.
According him, the NUPRC continues to play a crucial role in managing Nigeria’s energy resources, emphasizing the importance of these reserves for the country’s economic planning and energy security.
“The Commission, in keeping with its mandate as enshrined in the Petroleum Industry Act, 2021 (PIA), is committed to driving the efficiency and effectiveness of the upstream oil & gas sector, enhancing the growth of oil and gas reserves and ensuring sustainable increase in oil & gas production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term (RAP).
“Against the foregoing, | am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025, as follows:
“1) 2P Crude Oil and Condensate reserves stands at 31.44 Billion Barrels and 5.84 Billion Barrels respectively, amounting to a total of 37.28 Billion Barrels 2) 2P Associated Gas and Non-Associated Gas reserves stands at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF. 3) The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.
“In view of the above, and in furtherance of Chapter 1, Part Ill, Section 7 (g), (i), ti). (kL. (m). (qj) (7), and other powers enabling me in this respect, I, Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the Total / and Condensate reserves of 37.28 Billion Barrels and Total Gas reserves
210.54 Trillion Cubic Feet as the official National Petroleum Reserves on as Of Ist January, 2025” reads the statement in part.
