Nigeria’s crude oil and gas reserves have surged to new heights, with oil reserves now at 37.28 billion barrels and gas reserves at 210.54 trillion cubic feet, according to Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe.
The milestone was revealed in a statement made available to THE POINT, with Komolafe confirming the figures as the nation’s official National Petroleum Reserves Position as of January 1st, 2025.
Komolafe stated, “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).”
Providing a breakdown of the reserves, the CCE said, “Crude Oil and Condensate reserves stands at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.”
“Associated Gas and Non-Associated Gas reserves stands at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF.”
He further explained the Reserves Life Index for the newly announced figures, stating:
“The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.”
In formalizing the announcement, Komolafe declared:
“In view of the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i), (k), (m), (q), (r), and other powers enabling me in this respect, I, Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the Total Oil and Condensate reserves of 37.28 Billion Barrels and Total Gas reserves of 210.54 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January, 2025.”
Experts say the boost in reserves will support Nigeria’s ambitions to meet its target of 2.06 million barrels per day, as set by the Federal Government.
Last year, the NUPRC launched a bold plan to raise Nigeria’s oil output by one million barrels per day.
As part of that effort, the Commission has opened up the country to new investments through bid rounds.
The 2024 bid round concluded with 25 successful winners emerging from a competitive process. Major winners include:
Petroli Energy Marketing & Supply Limited (PPL 269), Sahara Deepwater Resource Limited (PPLs 270 and 271), Panout Oil and Gas Limited (PPL 300/301-CS) and TotalEnergies E&P Nigeria (PPL 2000/2001).
The focus of the round was on fallow assets, with the goal of boosting national energy production and revitalizing underutilized fields.
