Nigeria’s crude oil reserves hit 37.50bb

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said Nigeria’s crude oil reserves increased from 36.96 billion barrels (bb) on January 1, 2023, to 37.50bb on January 1, 2024.

NUPRC Chief Executive Officer (CEO), Gbenga Komolafe, stated this while speaking with reporters in Abuja, on Monday.

Also, the country’s Natural Gas reserves rose from N208.83 trillion Cubic Feet (TCF) on January 1, 2023, to 209.26TCF on January 1, 2024.

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According to him, the data indicates the level of hydrocarbon capacity the nation is endowed with. While describing the development declaration as positive for Nigeria, Komolafe added that the data showed the level of hydrocarbon capacity the country is blessed with.

The NUPRC boss, several initiatives of the commission were accountable for the feat, while he also attributed the increase in the reserves to production from some of the marginal fields.

He said: “The brownfields and marginal fields, some of them, have started producing and contributing to our national oil and gas reserves.”