The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) on Friday stated that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as of 1 January 2025.
The fee additionally stated Nigeria’s gasoline reserves hit 210.54 trillion Cubic Toes (tcf) as of the identical date.
Gbenga Komolafe, the NUPRC’s chief govt, who acknowledged this stated oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a complete of 37.28 bb.
The Information Company of Nigeria (NAN) experiences that the determine is towards the 37.50 bb of confirmed crude oil reserves and confirmed pure gasoline reserves 209.26 tcf recorded in 2024.
Mr Komolafe stated the Related Fuel and Non-Related Fuel reserves stood at 101.03 tcf and 109.51 tcf, respectively, leading to complete gasoline reserves of 210.54 tcf.
In line with Mr Komolafe, the NUPRC, in step with its mandate as enshrined within the Petroleum Trade Act (PIA 2021), is dedicated to enhancing effectivity and effectiveness within the upstream oil and gasoline sector.
He stated the fee would guarantee the expansion of oil and gasoline reserves in the direction of guaranteeing sustainable improve in manufacturing for shared prosperity, as articulated within the Regulatory Motion Plan for 2024 and the Close to Time period.
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“Towards the foregoing, I’m happy to current to you an summary of the Nation’s oil, condensate, related gasoline, and non-associated gasoline reserves as of January 1, 2025, as follows:
“Crude Oil and Condensate reserves stands at 31.44bb and 5.84bb respectively, amounting to a complete of 37.28bb.
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“Related Fuel and Non-Related Fuel reserves stands at 101.03 tcf and 109.51 tcf, respectively, leading to complete gasoline reserves of 210.54 tcf.
“The Reserves Life Index is 64 Years and 93 Years for Oil and Fuel, respectively.
“In view of the above, and in furtherance of Chapter 1, Half III, Part 7 (g), (i), (j), (okay), (m), (q), (r), and different powers enabling me on this respect, I, Engr. Gbenga Komolafe, CCE, hereby declare the entire oil and condensate reserves of 37.28bb.
“And complete gasoline reserves of 210.54 tcf because the official Nationwide Petroleum Reserves Place as of Jan. 1, 2025,’’ he stated.
(NAN)
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