Business News

Nigeria Grows Oil Reserves to 37.50bn Barrels in Six Months

oil reserves

By Adedapo Adesanya The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the nation’s oil reserves as of January 1, 2024, stood at 37.50 billion barrels, 1.2 per cent higher than the 37.046 billion barrels recorded as of May 2022. This was disclosed during a press conference in Abuja by Mr Gbenga Komolafe, the Chief Executive Officer (CEO) of the commission on Monday. He also announced the creation of strong policies aimed at improving and optimising oil and gas operations in the country. According to him, the gas and non-associated gas reserves stand at 102. 59 trillion cubic feet (TCF)