By Abubakar Yunusa
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported 732 oil spill incidents in 2024, with sabotage accounting for 59.01 percent of the cases.
The data is contained in the NUPRC 2024 annual report recently released, as mandated by law to submit an annual report of its operations and audited financial accounts to the minister of petroleum resources.
According to the provisions of sections 24(9) and (10) of the Petroleum Industry Act 2021, the report is due by March 31 of the following year.
“The fourth edition of the Commission’s 2021 Annual Report highlights significant achievements and initiatives by NUPRC over the past year, which have positively impacted the industry and the economy,” the report reads.
“The Nigeria 2024 Licencing Round is another second in a series of bid rounds, aimed at further development of this prospective petroleum basin and will be held in accordance with the Petroleum Industry Act 2021 (PIA), with its enhanced legal and regulatory frameworks that seek to encourage new investors and investments into the next phase of exploration in Nigeria.
“As at 1/1/2024, the hydrocarbon reserve stood at 37.50 billion bbls for Oil and Condensate. 209.26 trillion scf for associated and non-associated gas.
“2024 crude oil reserves increased by 1.45% from January 1, 2023, when compared with 2023 which stood at 36.096 billion barrels for (Oil + Condensate).
“Gas Reserves status as of January 1, 2024, is 209.26 TCF representing a minimal net increase of 0.21% over January 1, 2023, position of 208.83 TCF. The total volume of crude produced for 2024 is 578,521,740 barrels (482,819,991 barrels of Oil and 95,701,748 barrels of Condensate).
“The daily average production figure is 1,580,369 million barrels per day (1,318,939 barrels of Oil per day and 261,430 barrels of Condensate per day). Production performance against TAR in 2024 was about 67%.
“A total of 2.511TCF of Associated and Non-Associated Gas was produced at an estimated daily average production of 6.86BCF/D. This represents a slight increase of about 0.53% compared to year 2023.”
‘92.26% UTILIZATION RATE RECORDED IN GAS PRODUCED’
The NUPRC said Nigeria’s gas production reached 6.86 billion cubic feet per day, with a utilisation rate of 92.26 per cent, according to recent data.
“The daily average Associated, and Non-Associated Gas production stood at 3.924 BCF/D and 2.938 BCF/D representing 57.2% and 42.8%, respectively,” the commission said.
“A total of 2.317TCF (92.26%) was utilised, 0.193TCF (7.64%) was flared and 0.003TCF (0.10%) was reported as shrinkage. The net addition to 1.1.2024 reserves is.
“The total approved budget for 2024 was N286,936,780,410.37 with total income of N281,343,861,025.79 and total expenditure was N191,115,525,044.54.
“The total revenue generated was N12,250,607,908,453.30 which signified a 76.74% increase as compared to the annual budget of N6,931,236,009,076.00.”
The regulatory commission said it successfully closed out six cases during the year.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
