Nigeria’s crude oil and natural gas reserves have grown year on year, despite the above surface challenges of vandalism of crude evacuation pipelines and lower overall investment in the upstream sector, which have crimped output.
The country’s crude oil reserves rose by 0.37% in 2021 and the natural gas reserves were topped by 1.01% in the same year.
The reserves are collated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from annual reports of operating companies.
Gbenga Komolafe, Chief Executive of the NUPRC announced the National oil and gas reserves position as of 1st January 2022 in line with the provisions of Sections 7 (i), (j), (k) and (r) of the Petroleum Industry Act (PIA) 2021 “which stipulates that all operating exploration and production companies are to submit their annual report of reserves to the Commission.
He said: “A total of sixty-one (61) operating companies submitted their 2021 annual report on reserves in line with the provisions of the Petroleum Industry Act (PIA, 2021)”, declares “Analysis of the report indicates that the Nation’s oil and condensate reserves status as at 1st January 2022 was 37.046 Billion barrels representing a slight increase of 0.37%, compared with 36.910 Billion barrels as at 1st January 2021. On the other hand, the National Gas reserves status as of 1st January 2022 was 208.62 (trillion cubic feet) TCF, representing an increase of 1.01% compared to 206.53 TCF as at 1st January 2021”.