Africa's Crude Oil Reserves Reach 120 Billion Barrels

The Nigerian Content Development and Monitoring Board (NCDMB) announced that Africa's crude oil reserves have hit 120 billion barrels, with an additional 800 trillion standard cubic feet of gas, constituting 10% of global hydrocarbon resources. Engr.

Felix Omatsola Ogb, the Executive Secretary of NCDMB, made this disclosure during a visit from a delegation led by Mr. Eric Pwadura, Director of Corporate Affairs at the Ghana National Petroleum Corporation (GNPC).

The week-long visit aimed to share knowledge on local content development practices and policies in the oil and gas sector. Ogb emphasized the importance of prioritizing local content development to reduce dependence on foreign technology in exploration and production activities.

He outlined the NCDMB's 10-year strategic roadmap, which includes five strategic pillars aimed at enhancing technical capabilities and compliance enforcement. The NCDMB also introduced the Nigerian Content Intervention Fund to support local companies in acquiring critical assets.