Nigeria's oil reserves grew 1.46% in January from year ago, petroleum regulator says

2024-04-15 21:03:21

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ABUJA, April 15 (Reuters) - Nigeria's oil reserves grew by 1.46% from a year ago to 37.5 billion barrels including condensate in January 2024, the upstream petroleum regulator said on Monday.

Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission, said condesate reserves stood at 5.94 billion barrels. He did not provide a reason for the increase.

Komolafe told reporters in Abuja that the country's oil reserves grew by 1.087 billion and that reserves have a life index of 68 years.

Africa's biggest economy relies on oil for more than two-thirds of its earnings and about 90% of foreign exchange.

However, the industry has been dwindling as it struggles to raise output due to theft and sabotage which has forced oil majors including Shell and Exxon Mobil Corp. to exit from onshore assets.

"I declare the total oil and condensate reserves of 37.50 billion barrels and total gas reserves of 209.26 trillion cubic feet as the official national petroleum reserves position as of 1st January 2024," Komolafe said. (Reporting by Camillus Eboh; Editing by Chijioke Ohuocha and Jonathan Oatis)

2024-04-15 News