See Nigeria's current crude oil and natural gas reserve position

• The Nigeria Upstream and Petroleum Regulatory Commission (NUPRC) has said that Nigeria’s crude lipid and state reserves person risen
• A connection from the committee said that the country’s reserve presumption roseate to 37.28 cardinal barrels of lipid and 210.58 trillion cubic feet of earthy gas
• NUPRC’s CEO, Gbenga Komolafe, revealed that  Nigeria’s proven (2P) crude lipid and condensate reserves basal astatine 31.44 cardinal barrels and 5.84 cardinal barrels 

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Nigerian Upstream and Petroleum Regulatory Commission (NUPRC) has announced that Nigeria's authoritative petroleum reserves person accrued to 37.28 cardinal barrels of crude lipid and condensate, on with 210.54 trillion cubic feet of earthy gas.

The NUPRC disclosed this precocious successful a release, declaring the country’s reserve presumption successful crude lipid and earthy gas.

Nigeria solidifies its presumption successful Africa arsenic a starring lipid and state producer. Credit: Bloomberg/Contributor
Source: Getty Images

Nigeria’s lipid and state reserves increase

According to the merchandise signed by NUPRC main enforcement officer, Gbenga Komolafe, Nigeria’s proven (2P) crude lipid and condensate reserves basal astatine 31.44 cardinal barrels and 5.84 cardinal barrels respectively.

In the state industry, associated state reserves are projected to beryllium 101.03 TCF. Meanwhile, non-associated state reserves reached 109.51 TCF, and each reached 210.54 TCF.

“Against the foregoing, I americium pleased to contiguous to you an overview of the Nation’s oil, condensate, associated gas, and non-associated state reserves arsenic of January 1st, 2025, arsenic follows: 2P crude lipid and condensate reserves basal astatine 31.44 cardinal barrels and 5.84 cardinal barrels respectively, amounting to a full of 37.28 cardinal barrels.“2P associated state and non-associated state reserves basal astatine 101.03 trillion cubic feet and 109.51 TCF, respectively, resulting successful full state reserves of 210.54 TCF,” the connection said.

Komolafe said that the revelation aligns with Nigeria’s economical aboriginal and the commission’s mandate arsenic enshrined successful the Petroleum Industry Act 2021, stating that the commission’s committedness to increasing Nigeria’s hydrocarbon basal to boost accumulation and guarantee semipermanent sustainability.

Nigeria’s state reserves deed 93 years, lipid 64 years

The connection further said the Reserves Life Index stood astatine supra 64 years for lipid and 93 years for gas, showing Nigeria’s imaginable to stay a ascendant subordinate successful the planetary lipid and state assemblage for a agelong time.

The NUPRC’s brag added that the figures amusement a statistical update and a bold reaffirmation of the commission’s regulatory enactment program for 2024, aimed astatine ramping up exploration, boosting upstream investment, and opening up worth from Nigeria’s immense energy resources.

Punch reports that the connection said that boosting the ratio and effectiveness of the upstream lipid and state sector, increasing Nigeria’s reserves and driving a sustainable emergence successful accumulation for Nigeria’s prosperity stay the commission’s priority.

“Given the above, and furtherance of Chapter 1, Part III, Section 7 (g), (i). (i). (k), (m). (a). (r), and different powers enabling maine successful this respect. I. Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby state the Total Oil and Condensate reserves of 37.28 cardinal barrels and Total Gas reserves of 210.54 trillion cubic feet arsenic the authoritative National Petroleum Reserves Position arsenic of January 1, 2025,” the connection said.

Nigeria gains caller presumption successful Africa

The revelation puts Nigeria successful a caller presumption successful Africa among the countries with the highest crude lipid reserves.

Libya, Nigeria, and Algeria are among the top countries connected the continent, which has a sizable information of the world's proven lipid reserves.

In some North and sub-Saharan Africa, lipid extraction is indispensable due to the fact that it draws successful overseas capital, generates employment, and helps the governments marque money. 

President Bola Tinubu's authorities declares Nigeria's caller crude lipid and state reserve position. Credit: Bloomberg/Contributor
Source: Getty Images

Africa's top proven lipid reserves proceed to impact worldwide commercialized and vigor regulations, arsenic good arsenic the region's spot successful the planetary vigor market. 

The apical 10 African countries with the biggest proven lipid reserves are listed below, per Global Firepower.

List of 10 Countries With Largest Oil Reserves Emerges

Legit.ng earlier reported that the Nigerian authorities precocious announced an summation successful oil production from 1.28 cardinal barrels per time to 1.7 cardinal barrels, making it Africa’s largest lipid producer.

While Nigeria’s lipid accumulation has accrued importantly implicit the years arsenic it battles to incorporate lipid theft and debased output, it has mislaid its presumption arsenic the state with the largest lipid reserves successful Africa.

Crude lipid accumulation is captious to the economical well-being of Nigeria and different oil-producing countries successful Africa.

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Source: Legit.ng