Nigerian Upstream Petroleum Regulatory Commission, NUPRC, believes that Nigeria’s oil and gas reserves are expected to last for less than 100 years.
The Commission’s Chief Executive, Engr Gbenga Komolafe, made this revelation recently while giving updates on the industry.
He state that as as of January 1, 2024, the country’s crude oil and condensate reserves amount to 37.50 billion barrels, while the associated gas and non-associated gas reserves stand at 209.26 trillion cubic feet (TCF).
The Reserves Life Index provided by the NUPRC indicates that the oil reserves have a lifespan of 68.01 years, while the gas reserves have around 97.99 years left before depletion.
The Commission’s efforts align with President Bola Ahmed Tinubu’s policies to boost investment and productivity in Nigeria’s upstream oil and gas sector.
NUPRC has introduced a template to ensure smooth domestic crude oil supply obligations, covering various operational aspects such as legal framework, implementation procedures, allocation processes, payment methods, logistics, and compliance measures.
The Commission aims to enhance the productivity of the oil and gas sector by operationalizing the Petroleum Industry Act, 2021, and implementing the Regulatory Action Plan 2024, focusing on initiatives like the Nigerian Gas Flare Commercialisation Plan and the Domestic Crude Oil Supply Obligation to meet local refinery demands while reducing global emissions.
