The latest figures on Nigeria’s crude Oil and Gas reserves have been released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Commission’s Chief Executive, Engr Gbenga Komolafe, gave the breakdown on Monday during a press briefing at the Commission’s Headquarters in Abuja.

Engr Komolafe revealed that as of January 1, 2024, the combined reserves of Crude Oil and condensate reached 37.50 billion barrels, while the reserves of Associated Gas and Non-Associated Gas stood at 209.26 trillion cubic feet (TCF).

He added that within the total reserves, Crude Oil and condensate were recorded at 31.56 billion barrels and 5.94 billion barrels, respectively.

According to the Chief Executive, the totals of Crude Oil and condensate reserves stand at 37.50 billion barrels, while the reserves of Associated Gas and Non-Associated Gas were reported at 102.59 TCF and 106.67 TCF, respectively.

Engr Gbenga Komolafe says these figures shed light on the significant resources Nigeria possesses in terms of Oil and Gas reserves, reaffirming its position as a key player in the global energy landscape, which is crucial for the country’s energy policies, investment decisions, and overall economic planning.