Figures released by the Nigerian Upstream Petroleum Regulatory Commission, have shown that the country’s oil reserves increased by 0.136 billion barrels to 37.046 billion barrels as of January 31, 2022.

Nigeria’s gas reserves also grew by 2.09 trillion cubic feet to 208.62TCF as of January 31, 2022, according to data released by the NUPRC.

Announcing the growth in the country’s reserves, the Chief Executive, NUPRC, Gbenga Komolafe, said the announcement was in line with the provisions of Sections 7 (i), (j), (k) and (r) of the Petroleum Industry Act 2021.

He said the Act stipulated that all operating exploration and production companies were to submit their annual report of reserves to the commission.

Komolafe said, “A total of 61 operating companies submitted their 2021 annual report on reserves in line with the provisions of the PIA, 2021.

“Analysis of the report indicates that the nation’s oil and condensate reserves status as at January 1, 2022 was 37.046 billion barrels representing a slight increase of 0.37 per cent compared to 36.91 billion barrels as at January 1, 2021.

“On the other hand, the national gas reserves status as of January 1, 2022 was 208.62 trillion cubic feet, representing an increase of 1.01 per cent compared to 206.53TCF as at January 1, 2021.”

He also stated that the commission recognised that the formulation of all-inclusive strategies to increase crude oil and gas reserves (from 37 billion barrels and 208.62 TCF) required thorough consideration of all factors militating against efficient and effective exploration and production operations.

He said the NUPRC had initiated a campaign dedicated to the identification of oil and gas wells producing below capacity through the inventorisation of shut-in wells and analysis of the inventory to map the reasons for shut-in and devise measures for quick reopening.

Komolafe said the commission was also using well and reservoir surveillance activities in identifying poorly performing wells and work-over candidates for quick intervention.

He said the NUPRC was embracing and adopting new technologies and advanced recovery techniques for unlocking some identified stranded oil and gas resources