Connect with us

Economy

Nigeria’s oil, gas will finish in less than 100 years, says country’s regulatory commission

Published

on

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.


For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest from DDM TV

Latest Updates

Pope Francis criticizes Trump’s deportation policies as a humanitarian crisis

EFCC arraigns man for rejecting Naira as legal tender

Akwa Ibom House of Assembly unveils Governor’s Commissioners, Special Advisers’ nominees

Late Wigwe’s daughter honours parents, brother lost in tragic helicopter crash

MTN Nigeria implements 200% data tariff hike amid economic challenges

Daniel Bwala defends his decision to serve in Tinubu’s government amidst backlash

Rights group condemns “state-sponsored religious persecution” in Anambra

Modibbo reveals Atiku’s political strategy: A web of strategic alliances and unseen moves

Atiku’s aide criticizes Tinubu’s government over economic hardships

Igboayaka: Nwifuru masterminded his abduction — OYC

Subscribe to DDM Newsletter for Latest News

Get Notifications from DDM News Yes please No thanks