The latest figures on Nigeria’s crude Oil and Gas reserves have been released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Commission’s Chief Executive, Engr Gbenga Komolafe, gave the breakdown on recently during a press briefing at the Commission’s Headquarters in Abuja, Nigeria

Engr Komolafe revealed that as of January 1, 2024, the combined reserves of Crude Oil and condensate reached 37.50 billion barrels, while the reserves of Associated Gas and Non-Associated Gas stood at 209.26 trillion cubic feet (TCF).

He added that within the total reserves, Crude Oil and condensate were recorded at 31.56 billion barrels and 5.94 billion barrels, respectively.

According to the Chief Executive, the totals of Crude Oil and condensate reserves stand at 37.50 billion barrels, while the reserves of Associated Gas and Non-Associated Gas were reported at 102.59 TCF and 106.67 TCF, respectively.

Engr Gbenga Komolafe says these figures shed light on the significant resources Nigeria possesses in terms of Oil and Gas reserves, reaffirming its position as a key player in the global energy landscape, which is crucial for the country’s energy policies, investment decisions, and overall economic planning.

In the same vein, Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri has clarified the reason behind recent shortage in Nigeria’s crude oil production as disclosed by OPEC in its Monthly Oil Market Report for April 2024, on issues from the Shell-operated Trans Niger Pipeline, TNP, as well as on maintenance activities by some oil companies.

The Organisation of Petroleum Exporting Countries, OPEC  has in its recent Monthly Oil Market Report for April 2024 announced a steady decline in Nigeria’s oil production from 1.427million barrels per day in January 2024 to 1.322millionbpd in February and further down to 1.231millionbpd in March 2024.

According to the Minister of Petroleum State Mr. Lokpobiri on his verified Facebook handle reiterated his optimism of restoration of Nigeria crude and condensate daily production back to 1.7millionbpd in the nearest possible period as all effects are in place to arrest this anomaly.

 “In response to recent concerns about a shortfall in our oil production during the first quarter of this year, I want to assure everyone that we’re taking decisive measures to address the situation. The reported shortfall was mainly due to issues on the Trans Niger Pipeline and maintenance activities by some oil companies.

“I’m pleased to announce that we’ve resolved these issues, and production is expected to return to previous levels very soon. Our oil production, including condensate, which was at approximately 1.7 million barrels per day, will soon be restored.

“We’re also actively evolving our policies to maximize the utilization of all available wells in Nigeria. This strategic move will help us increase production, thereby generating crucial revenue to stabilize our foreign exchange reserves and fund essential infrastructure projects outlined in the 2024 budget.

“As we navigate through these challenges, I want to assure everyone of renewed hope. Let’s all remain committed to ensuring the sustainability and growth of Nigeria’s oil sector, which is vital for our economy,”  Senator Heineken Lokpobiri, Stated.