The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s oil and condensate reserves, as of January 1, stand at 36.966 billion barrels. This represents 31.060 billion barrels of oil and 5.906 billion barrels of condensate.
NUPRC’s chief executive, Gbenga Komolafe, said this at the sixth edition of the Nigeria International Energy Forum (NIEF 2023).
Mr Komolafe said the associated gas reserves were 102.32 trillion cubic feet while non-associated gas reserves were 106.51 TCF, totalling 208.83 TCF of natural gas reserves.
He said the oil and condensate reserves declined to about 0.22 per cent compared to January 1, 2022. He added that figures were attributable to low exploration activities and reserves revision arising from subsurface studies in 2022.
On the other hand, the slight increase of 0.10 per cent in gas reserves over the January 1, 2022 reserves position was primarily attributed to the revisions arising from additional information from new wells and…
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