Indigenous Oil Companies Now Contributing 33% To Nigeria’s Crude Oil Reserves

By Chioma Iruke

Nigeria’s Department of Petroleum Resources (DPR) over the weekend said indigenous oil and gas companies were currently contributing as much as 33% to the country’s crude oil reserves and about 30% to its gas reserves.

The disclosure was made by the Director, Department of Petroleum Resources (DPR), Auwalu Sarki, while speaking at the Nigeria International Petroleum Summit, in Abuja.

Auwalu Sarki noted that while these companies’ contribution to the reserves was less than 10 million barrels in 2005, it has grown significantly to about 62 million barrels in 2020.

He attributed the growth to recent efforts being made on gas exploration in the country, especially the Decade of Gas Initiative.

This is as the DPR announced that Nigeria’s proven gas deposits have increased to 206.53 trillion standard cubic feet.

Auwalu said, “Nigeria attained the target of 200tcf of natural gas reserves by the Reserve Declaration as at Jan.1, 2019, before the 2020 target. Thereafter, the government set a target to attain a Reserve Position of 2020tcf by 2030.’’

He noted that independent companies are driving value addition to gas, adding that acquisition of divested assets, as well as accelerated appraisal and development efforts, are other driving factors, adding that the country is already benefiting from the deliberate national efforts to boost indigenous participation in the sector.