The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a significant increase in Nigeria’s crude oil reserves. From January 1, 2023, to January 1, 2024, the reserves climbed from 36.96 billion barrels (bb) to 37.50 bb. Additionally, the country’s Natural Gas reserves saw growth from 208.83 trillion Cubic Feet (TCF) to 209.26TCF during the same period.
The NUPRC chief emphasized the positive implications of this development for Nigeria, highlighting it as a reflection of the nation’s hydrocarbon capacity. He credited various commission initiatives and production from marginal fields for the increase, underscoring their contribution to the national oil and gas reserves.
NNPCL Unveils Strategy to Boost Gas Output and Stabilize Naira
In a bid to enhance gas production for both local and international markets, the Nigerian National Petroleum Company Limited (NNPCL) has announced plans to increase its gas output. This strategic initiative aims to stimulate economic prosperity and contribute to stabilizing the national currency, the Naira.
During a press briefing after visiting President Bola Tinubu in Lagos, where the President is celebrating the Eid-el-Fitr holidays, the Group Chief Executive Officer, Mele Kyari, affirmed the company’s commitment to this endeavor. Kyari’s announcement aligns with broader economic strategies of the Nigerian government, focusing on strengthening the energy sector to support overall economic recovery efforts.
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