The Nigerian Upstream Petroleum Regulatory Fee has formally declared the nation’s petroleum reserves as of January 1, 2025, revealing 37.28 billion barrels of crude oil and condensate, and 210.54 trillion cubic toes (TCF) of pure fuel.
In a press launch issued Friday, April 11, and signed by the Fee Chief Govt, Engr. Gbenga Komolafe, the company said that Nigeria’s confirmed (2P) crude oil and condensate reserves now stand at 31.44 billion and 5.84 billion barrels respectively.
In response to the assertion titled “The Declaration of Annual Nationwide Petroleum Reserves Place as of 1st January 2025”, related fuel reserves are pegged at 101.03 TCF, whereas non-associated fuel reserves stand at 109.51 TCF.
“In opposition to the foregoing, I’m happy to current to you an outline of the Nation’s oil, condensate, related fuel, and non-associated fuel reserves as of January 1st, 2025, as follows: 2P Crude Oil and Condensate reserves stands at 31.44 Billion Barrels and 5.84 Billion Barrels respectively, amounting to a complete of 37.28 Billion Barrels,” Komolafe stated.
“2P Related Gasoline and Non-Related Gasoline reserves stand at 101.03 Trillion Cubic Ft and 109.51 TCF, respectively, leading to whole Gasoline reserves of 210.54 TCF.”
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He famous that the figures replicate the fee’s mandate below the Petroleum Trade Act 2021 and reaffirm NUPRC’s give attention to increasing Nigeria’s hydrocarbon base, boosting manufacturing, and guaranteeing long-term sustainability.
“The Reserves Life Index stands at 64 years for oil and 93 years for fuel,” Komolafe declared, indicating that Nigeria holds the potential to stay a dominant world vitality participant for many years to return.
The CCE described the reserve figures as greater than a statistical replace, calling them “a daring reaffirmation of the Fee’s Regulatory Motion Plan for 2024,” which targets elevated exploration, upstream funding, and useful resource optimisation.
He added that bettering effectivity, rising nationwide reserves, and reaching a sustainable rise in manufacturing “stay key priorities” below the fee’s 2024 technique.
“Given the above, and furtherance of Chapter 1, Half III, Part 7 (g), (i). (i). (okay), (m). (a). (r), and different powers enabling me on this respect. I, Engr. Gbenga Olu Komolafe, Fee Chief Govt, hereby declare the Complete Oil and Condensate reserves of 37.28 Billion Barrels and Complete Gasoline reserves of 210.54 Trillion Cubic Ft because the official Nationwide Petroleum Reserves Place as of 1st January 2025,” he concluded.
