Afrigather 
By Charles Kennedy – Apr 16, 2024, 10:30 AM CDT
Nigeria’s crude oil reserves have elevated by 1 billion barrels whereas pure gasoline reserves have jumped by 2.573 trillion cubic toes (TCF), the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has said.
As of January 1, 2024, Nigeria’s mixed confirmed reserves of crude oil and condensate stood at 37.50 billion barrels, whereas the reserves of related pure gasoline and non-associated gasoline stood at 209.26 trillion cubic toes, NUPRC’s chief government Gbenga Komolafe said.
Of the oil and condensate reserves, crude oil reserves had been 31.56 billion barrels and condensate 5.94 billion barrels, NUPRC mentioned in an announcement on Tuesday.
Nigeria thus ranks second in Africa when it comes to crude oil reserves, behind Libya. By way of pure gasoline reserves, Nigeria ranks first in Africa and holds a big portion of Africa’s estimated reserves – greater than 33% of those.
Nigeria has 68 years of crude reserves and 97.99 years of pure gasoline reserves, in line with NUPRC’s Komolafe.
“Engr Gbenga Komolafe says these figures make clear the numerous assets Nigeria possesses when it comes to Oil and Fuel reserves, reaffirming its place as a key participant within the international power panorama, which is essential for the nation’s power insurance policies, funding selections, and general financial planning,” NUPRC mentioned at the moment.
Final 12 months, Nigeria’s state oil agency NNPC mentioned it had started exploration within the onshore frontier basins, aiming to spice up the OPEC producer’s confirmed crude oil reserves to 50 billion barrels.
Oil theft and pipeline vandalism have lengthy plagued Nigeria’s upstream oil and gasoline trade, driving majors in another country and sometimes leading to power majeure on the key crude oil export terminals.
Nevertheless, Nigerian oil manufacturing has began to recuperate in latest months and hit in February its highest level in more than three years amid a concerted effort to crack down on focused assaults and arranged theft rings.
By Charles Kennedy for Oilprice.com
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