The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially declared the nation’s petroleum reserves position as of January 1st, 2025, revealing a substantial increase in both crude oil and natural gas resources. The announcement, made through a press release issued by the Commission Chief Executive, Engr. Gbenga Komolafe, signifies a potentially transformative development for Nigeria’s economic landscape and its standing in the global energy market.
According to the disclosed figures, Nigeria’s proven crude oil and condensate reserves have reached a remarkable 37.28 billion barrels. This total is comprised of 31.44 billion barrels of proven (2P) crude oil reserves and an additional 5.84 billion barrels of condensate reserves. This substantial oil and condensate endowment underscores Nigeria’s continued significance as a major oil-producing nation.
In parallel, Nigeria’s natural gas reserves have experienced an even more dramatic surge, reaching an impressive total of 210.54 trillion cubic feet (TCF). This substantial gas reserve is further categorized into 101.03 TCF of associated gas reserves and 109.51 TCF of non-associated gas reserves, highlighting the nation’s immense potential in the natural gas sector.
Engr. Gbenga Komolafe, in the official statement, emphasized the profound implications of this significant resource discovery for Nigeria’s future economic trajectory. He underscored that this revelation aligns directly with the NUPRC’s core mandate as outlined in the Petroleum Industry Act 2021, which emphasizes the expansion of Nigeria’s hydrocarbon base, the enhancement of production capabilities, and the assurance of long-term sustainability within the energy sector.
Furthermore, Komolafe highlighted the encouraging Reserves Life Index, which currently stands at 64 years for oil and an even more substantial 93 years for gas. This robust index indicates Nigeria’s potential to maintain its prominent role in the global energy arena for several generations to come, offering a significant window for strategic development and economic growth.
The Commission Chief Executive also clarified that these newly announced figures are not merely a routine statistical update but rather a strong reaffirmation of the NUPRC’s Regulatory Action Plan for the year 2024. This plan is strategically designed to aggressively pursue increased exploration activities, attract greater upstream investment, and ultimately unlock the inherent value residing within Nigeria’s extensive energy resources.
The NUPRC’s 2024 Regulatory Action Plan and its near-term strategy prioritize the enhancement of efficiency and effectiveness within the upstream oil and gas sector. A central focus remains on the continuous growth of the nation’s reserves and the facilitation of a sustainable increase in production, all geared towards fostering shared prosperity for the Nigerian people.
the official declaration, Engr. Gbenga Olu Komolafe, acting under the authority vested in him by Chapter 1, Part III, Section 7 (g), (i). (i). (k), (m). (a). (r), and other enabling provisions of the Petroleum Industry Act 2021, formally declared the total oil and condensate reserves of 37.28 billion barrels and the total gas reserves of 210.54 trillion cubic feet as the official National Petroleum Reserves Position as of January 1st, 2025. This declaration marks a significant milestone in Nigeria’s energy sector and holds the promise of substantial economic benefits for the nation.
