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Nigeria’s oil, condensate reserves stand at 37bn as at Jan. 1

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s oil and condensate reserves  stand at 36.966 billion barrels as at Jan. 1, 2023.

This represents 31.060 billion barrels for oil and 5.906 billion barrels for condensate.

The Commission’s Chief Executive, Mr Gbenga Komolafe said this at the sixth edition of the Nigeria International Energy Summit (NIES 2023) with the theme, “Global Perspective for a Sustainable Energy Future.”

Komolafe spoke on Thursday at the Upstream Forum tagged “Pivoting Upstream Petroleum Regulations and Investments,” which dwelt on strategies on energy sustainability roadmap.

He said the Associated Gas reserves was at 102.32 Trillion Cubic Feet (TCF) while Non-Associated Gas reserves was 106.51 TCF, making the total of 208.83 TCF of Natural Gas reserves.

He said the oil and condensate reserves declined to about 0.22 per cent compared to Jan. 01, 2022, adding that figures were attributable to low exploration activities and reserves revision arising from subsurface studies in 2022.

On the other hand, the slight increase of 0.10 per cent in gas reserves over Jan. 1, 2022 reserves position was primarily attributed to the revisions arising from additional information from new wells, and field development studies.

“The Commission, empowered by the PIA, has continued to drive the upstream industry’s performance to grow reserves through deliberate oil and gas exploration, deep drilling, prospects maturation, appraisal, field studies and improved oil recovery.

“Our efforts are beginning to manifest in our gas reserves position, and we expect similar manifestation in oil reserves in the very short term,” he said.

According to Komolafe, as a country, Nigeria boasts of 37.064 billion barrels of oil with a daily production of over 1.5 million barrels of oil.

He said in terms of reserves, Nigeria ranked second in Africa, eighth in Organisation of the Petroleum Exporting Countries (OPEC) and 11th in the World.

He said on the other hand, the country ranked first in Africa, sixth in OPEC and fifteenth in the World in terms of crude oil production.

“It is interesting to note that the Gross Domestic Product (GDP) per capita for Nigeria stands at 1,998 dollars, which ranks her at 12th position amongst the OPEC member states and 22nd in Africa.

“Although crude oil contributes over 85 per cent to Nigeria’s foreign exchange earnings, its contribution to GDP is about 6.33 per cent, while Algeria’s is 10.2 per cent, Angola is 30 per cent and Libya at over 50 per cent.

“Nigeria is a nation where needs meet opportunity,” Komolafe said.

Aside the catalogued hydrocarbon potential, he said Nigeria was blessed with potential for blue energy, solar, wind, biomass as well as other sources of renewable energy to leverage the right energy mix in the energy transition regime. 

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