• About
  • Advertise
  • Contact
Saturday, August 2, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

Nigeria’s crude oil reserve increases to 37b barrels – NUPRC

Vital News by Vital News
May 7, 2022
in Oil & Gas
0
Share on FacebookShare on Twitter

By Emmanuella Anokam

Abuja – 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 Jan.1, 2021.

Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC said this on Friday in Abuja at a stakeholders’ engagement with print and electronic media.

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

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

Africa Losing $90bln Annually To Importation Of Substandard Fuel, Dangote Laments

NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users

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 Jan. 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.

The CCE , however, highlighted some proactive initiatives undertaken by the commission since his assumption of office six months ago towards the enhancement of crude oil and gas production.

He said it 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.

Speaking on initiative to enhance crude oil production, he said the commission recognised the formulation of all-inclusive strategies to increase crude oil and gas reserves (from 37 billion barrels and 208.62 TCF).

This, he said required thorough consideration of all factors militating against efficient and effective exploration and production operations, and identification of low hanging fruits or opportunities.

“We have therefore become more deliberate and swifter in implementing strategic actions and initiatives aimed at increasing our crude oil and gas reserves and production,” he said.

The CCE disclosed that it initiated a massive campaign toward identification of oil and gas wells producing below capacity, through inventorisation of shut-in wells and inventory to map the reasons for shut-in and devise measures for quick reopening.

He noted another campaign initiative as using well and reservoir surveillance activities in identifying poorly performing wells and workover candidates for quick intervention.

He included embracing and adopting new technologies and advanced recovery techniques for unlocking some identified stranded oil and gas resources.

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

This, he said would be achieved through the implementation of several natural gas developmental initiatives.

“As the Federal Government has declared the years 2021 – 2030 to be the Decade of Gas, the commission is taking steps to expand the Nation’s huge gas resources through enhanced gas exploration, development and utilisation schemes.

“These will lead to gas reserves growth, increased gas production, maturation of domestic and export gas market, as well as gas flare elimination.

“The Commission is currently engaging all lessees on their Natural Gas Flare Elimination and Monetisation Plan to ensure compliance with Section 108 of the PIA and boost supply to the rapidly growing gas market.

“Additionally, we are encouraging investors to leverage on the generous gas fiscal incentives such as zero hydrocarbon tax, reduced royalty rates, tax consolidation provisions amongst others to take Final Investment Decisions on their proposed upstream projects.

“With a proven gas reserve base of 208.62TCF (as at 1st January 2022), we are on track to increase our reserves volumes to 220TCF in less than 10 years and 250TCF thereafter.

Currently, Nigeria produces about 8BSCF/D of gas, out of which circa 20 per cent is delivered to the domestic market, approximately 40 per cent is exported to international markets, 30 per cent is utilised for producer’s internal consumption and the excess gas is flared.

“The commission has issued the annual Domestic Gas Delivery Obligation (DGDO) to all lessees to drive gas production growth as operators are made to balance its export appetite with increasing domestic supply of gas,” he said.

He further mentioned another initiatives being implemented by the commission to increase gas production and utilisation to include; commencement of mandatory conduct of gas well deliverability tests for all gas producers to establish operating limits.

This, he said could enable the commission determine production potentials and guide the industry towards its maximum optimum capacity.

Based on the initiative, he said it had constant engagement with operators on the need to drill below the conventional oil window to target gas rich zones for production and increase the nation’s gas reserves.

According to him, it is also steering operators with saturated reservoirs to ensure their well placements drive optimal exploitation of oil and gas resources.

He said it was currently revising the Flare Gas Regulations 2018 and its associated Guidelines to incorporate methane emissions capture, to ensure the elimination of gas flaring/venting and monetisation of gas resources in the country. (NAN/vitalnews)

Tags: CommissionCrudegasupstream
Previous Post

FG approves N3bn Sukuk funds for Numan-Jalingo road project

Next Post

Kogi approves release of N713 million for expansion, reticulation of Okene waterworks

Vital News

Vital News

RelatedStories

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs
Oil & Gas

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

July 23, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Africa Losing $90bln Annually To Importation Of Substandard Fuel, Dangote Laments

July 22, 2025
NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users
Oil & Gas

NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users

July 21, 2025
Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development
Economy

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

July 16, 2025
Next Post

Kogi approves release of N713 million for expansion, reticulation of Okene waterworks

Presidency : I am in the race to rescue, restore Nigeria's past glory - Udom

W/African bishops call for sustainable peace, justice

Leave a Reply Cancel reply

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

Follow Us

Recommended

Kwara To Administer Drug Test On 1,800 Newly Recruited Teachers

NGF Expresses Sadness Over Plateau Killings, Calls For Peace Among Residents

4 months ago

King Salman orders transfer of conjoined twins from Yemen to Saudi Arabia

3 years ago
The Unfolding Mambilla Drama In Nigeria – An Update

The Unfolding Mambilla Drama In Nigeria – An Update

1 year ago

Soludo Fumes Over Killing Of US Embassy Staff, Policemen In Anambra

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

Canada Announces Plan To Recognise Palestinian State By September

Governor Alia Dissolves Benue Executive Council, Appoints New Chief of Staff

Dangote Cement Set To Commission 3Mta Grinding Plant In Côte d’Ivoire

Abdulrahim Thanks Governor Ododo Over Appointment as Governing Council Chairman Of Kogi College Of Nursing

Trending

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute
Education

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

by Vital News
August 1, 2025
0

A delegation from the National Universities Commission (NUC) has paid a revalidation visit to the Distance Learning...

Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

July 31, 2025
Ododo Applauds President  Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

July 31, 2025
Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

July 31, 2025
FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

July 31, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute August 1, 2025
  • FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals July 31, 2025
  • Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway July 31, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In