The Nigerian Upstream Petroleum Regulatory Commission has said Nigeria’s crude oil reserves rose from 36.96 billion barrels to 37.50bb within a year.
This was disclosed by NUPRC Chief Executive Officer, Gbenga Komolafe in his address to the Press on Monday, according to Nairametrics.
Komolafe said that the increase in the reserves was due to production from some of the marginal fields in the country and several initiatives of the commission.
He said “The brownfields and marginal fields, some of them, have started producing and contributing to our national oil and gas reserves.
“The brownfields and marginal fields, some of them, have started producing and contributing to our national oil and gas reserves.
He said the data indicates the level of hydrocarbon capacity the nation is endowed with.
He noted this as positive data for the nation.
This follows the OPEC report that in February and March of 2024, the country’s crude oil production dropped.
The data showed that in March, there was a drop of 1.231 million bpd compared with 1.322 million bpd in February.
Meanwhile, the Minister of State for Energy, Heineken Lokpobiri has attributed a drop in crude oil production during the first quarter of this year to problems with Trans Niger pipelines and maintenance activities carried out by some oil companies.
