NUPRC: Nigeria’s Crude Oil and Natural Gas Reserves Surged

SEATTLE (Oil Monster): According to latest report published by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), the country’s crude oil and gas reserves surged as of the start of the year.

As per data, the crude oil and condensate reserves totalled 37.5 billion barrels as of 1st January, 2024. Of the liquid reserves, petroleum totalled 31.56 billion barrels while condensate stood at 5.94 billion barrels. The press release by the commission noted that associated and non-associated gas reserves stood at 209.26 trillion cubic feet (Tcf) as of the start of 2024. Of the gas reserves, associated volumes were 102.59 Tcf while non-associated gas stood at 106.67 Tcf.

The NUPRC data indicates that Nigeria possess significant oil and gas reserves, thus positioning itself as a major player in the global energy landscape.

Nigeria had recently aimed at oil development projects worth in excess of $50 billion over the next few years. The proposed investments by indigenous companies, NNPC Limited and international oil majors are likely to contribute big to the Nigerian economy over the next five-year period.

Nigeria now ranks second in Africa in terms of crude oil reserves, next only to Libya. The country ranks first in the region in terms of natural gas reserves.

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