Nigeria’s crude oil and gas reserves have reached record levels, totaling 37.24 billion barrels of crude oil and 210.5 trillion cubic feet (TCF) of gas, according to Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This significant milestone is a result of efforts by the commission, as outlined in the Petroleum Industry Act (PIA) of 2021, aimed at boosting reserves and increasing oil and gas production.
Komolafe announced the figures in a statement on Friday, noting that the reserves life index is 64 years for oil and 93 years for gas.
The reserves breakdown includes 31.44 billion barrels of crude oil, 5.84 billion barrels of condensate, 101.03 TCF of associated gas, and 109.51 TCF of non-associated gas.
Komolafe emphasized the importance of these reserves, stating, “The Commission, in keeping with its mandate as enshrined in the Petroleum Industry Act, 2021 (PIA), is committed to driving the efficiency and effectiveness of the upstream oil & gas sector, enhancing the growth of oil and gas reserves and ensuring sustainable increase in oil & gas production for shared prosperity as articulated in the Regulatory Action Plan for 2024 and the Near Term (RAP).”
Komolafe also officially declared the reserves as the National Petroleum Reserves Position as of January 1, 2025.
Experts believe that the increase in reserves will help Nigeria achieve its goal of producing 2.06 million barrels of oil per day, as set by the government.
The NUPRC had previously launched an aggressive plan to boost Nigeria’s oil production by 1 million barrels per day, with success in opening up the country for investment.
The 2024 bid round saw 25 winners emerge, including major companies like Petroli Energy Marketing & Supply Limited, Sahara Deepwater Resource Limited, and Panout Oil and Gas Limited, all of whom will contribute to the nation’s energy production.
