The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, has presented the overview of the nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025.
The NUPRC boss, in release he personally signed and made available to Saturday Tribune in Abuja, said the Commission is committed to driving the efficiency and effectiveness of the upstream oil and gas sector, enhancing the growth of oil and gas reserves, and ensuring sustainable increase in oil and gas production for shared prosperity in keeping with its mandate as enshrined in the Petroleum Industry Act, 2021 (PIA).
According to Komolafe, while 2P crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 million barrels, the 2P associated gas and non-associated gas reserves stand at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively, resulting in total gas reserves of 210.54 TCF and the Reserves Life Index is 64 years and 93 years for oil and gas in that order.
“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 and gas sector, enhancing the growth of oil and gas reserves and ensuring sustainable increase in oil and gas production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term (RAP).
“Against the foregoing, I 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; 2P crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 million barrels, 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, 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).0). (k), (m), (9). (r), and other powers enabling me in this respect, l, Engineer Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the total oil and condensate reserves of 37.28 billion barrels and total gas reserves of 210.54 Trillion Cubic Feet as the official national petroleum reserves position as of Ist January, 2025.”
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