Nigeria’s natural gas reserves have hit a record 210.5 trillion cubic feet.
The development comes amidst efforts by the commission to raise reserves as encapsulated in the Petroleum Industry Act, 2021.
Crude Oil and Condensate reserves stands at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels
Associated Gas and Non-Associated Gas reserves stands at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF.
Experts believe the growth in the reserves will help the country achieve its 2.06 million barrels per day set by the government.
Recall that last year, the NUPRC had launched an aggressive plan to increase Nigeria’s oil production by 1 million barrels per day.
To achieve this, the NUPRC has successfully opened up the country for investment with the successful bid rounds which would allow increased oil production.