The Federal Government has said Nigeria’s oil reserve dropped slightly to 36.966 billion barrels as of January 2023 but the gas reserves grew marginally.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Engr. Gbenga Komolafe, disclosed this at Thursday’s 2023 Nigeria International Energy Summit in Abuja.
Komolafe blamed the decline in oil exploration activities for the 0.22 per cent drop in oil reserves.
He added that the country’s reserve as of January 2022 stood at 37.046bn barrels.
“Nigeria’s oil and condensate reserves as of January 1, 2023, stands at 31.060 billion barrels for oil and 5.906 billion barrels for condensate, totalling 36.966 billion barrels for oil and condensate.
“For the latest record, associated gas reserves is 102.32tcf, non-associated gas reserves is 106.51tcf making the total of 208.83tcf of natural gas reserves,” he said.
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