Nigeria’s Reserves Grow In spite of Above Surface Challenges

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”.

 


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1 comment

  1. I would want to comment on the 0.37% and 1.01% reserve growth reported , to have been made for oil and gas reserves by the operators in the Niger Delta Nigeria.
    That the reported 0.37% and 1.01% reported by operators arere grossly under determined based on , no scientifically methods.
    It is general knowledge that, the Total cummulative production till date has become greater than the STOCK TANK OIL iNITIALLY IN PLACE (STOIIP). For most of the reservoirs in the Niger Delta Oil fields Nigeria
    This is a pointer that the TOTAL reseves calculated for the oil, condensate and gas by operators are grosslly pessimistically determined, either due to: 1) Lack of knowledge of d reservoirs or 2) intentionally under determined.
    In both cases have resulted to gross negative, discrepancies in d quoted reserves from 1956. To date. I expected by now 2022 the operators should have look at it. And applying current state of act tools and actual production performance results spreed sheet to redetermine our reserves with a view of getting d actual reserves for d over performance Niger Delta. Instead of doing nothing allowing OPEC production quieter to catch u with d negative reserves.
    I suggest operators should as a matter of urgency begin to look into these observations with a view to get d actual ( correct) reserved for d Niger Delta. Highest Regards. And GOD bless

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