Nigeria Boosts Oil Reserves by 1 Billion Barrels

Hamilton Nwosa
Writer

Ad

Israel, Hamas Greenlight First Phase of Trump’s Peace Plan

By Abiola Olawale Israel and Hamas have inked their approval on the inaugural phase of the United States President Donald Trump's Gaza peace initiative. The agreement, announced on Wednesday amid high-stakes indirect talks in Egypt, paves the way for an immediate ceasefire, the release of hostages, and a surge in humanitarian aid. This development is…

Where Extreme Poverty Rates Are Highest in the World

Key Takeaways Africa is home to 23 of the top 30 countries with the highest rates of extreme poverty. Kosovo ranks in 19th globally in 2024, seeing the highest rates outside of Africa—a country that faces high unemployment rates and ongoing conflict. The Democratic Republic of Congo (DRC) produces roughly three-quarters of the world’s cobalt, it…

Oil Prices Drop as Israel and Hamas Agree to Ceasefire

Oil prices fell in early morning trade on Thursday in Asia as Israel and Hamas agreed to a pause in fighting and a hostages-for-prisoners exchange, under a framework advanced by the Trump administration. Under the agreement, Hamas will release as many as 20 living hostages this weekend, and Israel will pull back forces to a negotiated…

Ad

By Charles Kennedy

Nigeria’s crude oil reserves have increased by 1 billion barrels while natural gas reserves have jumped by 2.573 trillion cubic feet (TCF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.

As of January 1, 2024, Nigeria’s combined proven reserves of crude oil and condensate stood at 37.50 billion barrels, while the reserves of associated natural gas and non-associated gas stood at 209.26 trillion cubic feet, NUPRC’s chief executive Gbenga Komolafe said.
Of the oil and condensate reserves, crude oil reserves were 31.56 billion barrels and condensate 5.94 billion barrels, NUPRC said in a statement on Tuesday.

Nigeria thus ranks second in Africa in terms of crude oil reserves, behind Libya. In terms of natural gas reserves, Nigeria ranks first in Africa and holds a large portion of Africa’s estimated reserves – more than 33% of these.

Nigeria has 68 years of crude reserves and 97.99 years of natural gas reserves, according to NUPRC’s Komolafe.

“Engr Gbenga Komolafe says these figures shed light on the significant resources Nigeria possesses in terms of Oil and Gas reserves, reaffirming its position as a key player in the global energy landscape, which is crucial for the country’s energy policies, investment decisions, and overall economic planning,” NUPRC said today.
Last year, Nigeria’s state oil firm NNPC said it had started exploration in the onshore frontier basins, aiming to boost the OPEC producer’s proven crude oil reserves to 50 billion barrels.

Oil theft and pipeline vandalism have long plagued Nigeria’s upstream oil and gas industry, driving majors out of the country and often resulting in force majeure at the key crude oil export terminals.

However, Nigerian oil production has started to recover in recent months and hit in February its highest level in more than three years amid a concerted effort to crack down on targeted attacks and organized theft rings.

NB: Charles Kennedy wrote this article for Oilprice.com

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp