Nigeria’s crude oil reserve increased to 37 billion barrels: NUPRC

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)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Heading 2
Canada-based Nigerian Michael Ikechukwu declared wanted over criminal harassment, probation violation
The police noted that Officials he regularly visits Kitchener and Waterloo.

Africa
DRC recorded 828 Ebola deaths, 2,124 cases: WHO
The WHO noted that the latest patient was discharged on July 16 after testing negative twice.

World
Taco Bell’s iceberg lettuce responsible for cyclospora infections in five U.S. states: CDC
In a separate health advisory, the U.S. Food and Drug Administration (FDA) said cyclospora is a parasite that can only be seen under a microscope.

World
Venezuela twin earthquakes death toll hits 5,000, over 16,000 injured
The earthquakes tore through La Guaira state, a port town, and also affected some part of Venezuela’s capital, Caracas.

Heading 4
Trump threatens Canada with more tariffs over wildfire smoke polluting U.S.
Mr Trump stated, “This is willful negligence, and becoming a yearly occurrence, costing the United States billions of dollars.”

NationWide
PDP Leadership Tussle: Court fines Wabara-led BoT, lawyer N150 million, dismisses suit against Wike-led faction
The PDP faction, loyal to the FCT Minister,BoT Nyesom Wike, approached the court and challenged the jurisdiction of the court to hear the suit.





