Nigeria's oil and gas reserves have reached unprecedented levels, with crude oil reserves at 37.28 billion barrels and natural gas reserves at 210.5 trillion cubic feet, according to Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This significant milestone aligns with the NUPRC’s efforts under the Petroleum Industry Act (PIA) 2021 to bolster the country’s reserves. In a statement released on Friday, Komolafe emphasized the commission’s commitment to improving efficiency in the upstream oil and gas sector, expanding reserves, and ensuring sustainable production growth. These objectives are outlined in the commission’s 2024 Regulatory Action Plan (RAP) and its near-term strategy.
Providing an update as of January 1, 2025, Komolafe reported:
Crude oil and condensate reserves: 31.44 billion and 5.84 billion barrels, respectively, totaling 37.28 billion barrels.
Gas reserves: 101.03 trillion cubic feet of associated gas and 109.51 trillion cubic feet of non-associated gas, bringing the total to 210.54 trillion cubic feet.
He noted that the reserves life index stands at 64 years for oil and 93 years for gas.
“By the powers conferred upon me under the Petroleum Industry Act, I hereby declare Nigeria’s official petroleum reserves as of January 1, 2025, to be 37.28 billion barrels of oil and condensates and 210.54 trillion cubic feet of gas,” Komolafe stated.
Industry experts suggest that the increase in reserves will support Nigeria’s goal of reaching a daily production target of 2.06 million barrels.
Last year, NUPRC launched an ambitious campaign to boost daily oil production by one million barrels. This included opening up the sector to more investment through a competitive bid round.
The 2024 licensing round resulted in 25 successful bidders. Notable winners included:
Petroli Energy Marketing & Supply Limited (PPL 269)
Sahara Deepwater Resource Limited (PPLs 270 and 271)
Panout Oil and Gas Limited (PPL 300/301-CS)
TotalEnergies E&P Nigeria (PPL 2000/2001)
This bid round focused on reviving inactive assets and aimed at enhancing the country’s overall energy output.
