The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the nation’s oil and condensate reserves status as at Jan. 1, 2022 is 37.046 billion barrels.

This represents a slight increase of 0.37 per cent compared to 36.910 billion barrels as at January 1, 2021.

Commission Chief Executive, NUPRC, said this on Friday in Abuja at a stakeholders’ engagement with print and electronic media.

Similarly, Mr Komolafe said the National Gas Reserves status as of January 1, 2022, was 208.62 trillion cubic feet (TCF), representing an increase of 1.01 per cent compared to 206.53 TCF as at January 1, 2021.

He said this analysis arose from 61 operating companies which submitted their 2021 National Annual Report on Reserves in line with the provisions of the Petroleum Industry Act (PIA), 2021.

The National oil and gas reserves position as of January 1, 2022 in line with the provisions of PIA 2021 stipulates that operating exploration and production companies should submit their annual report of reserves to NUPRC.

Mr Komolafe said the NUPRC took advantage of current market realities such as the upsurge of crude oil prices to 106.25 dollars per barrel and disruptions in the supply of gas due to the war in Ukraine.

On initiatives to enhance gas production, he said that Russia’s war against Ukraine and the attendant disruptions to global gas demand-supply chain provided Nigeria with a unique opportunity to fill the gap.

(NAN)