THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s oil reserves stood at 37.28 billion barrels as of January 1 this year.
The apex regulator in the upstream oil and gas sector declared this in a statement on Friday, April 11, issued by its chief executive, Gbenga Komolafe.
He disclosed that the total gas reserves were officially at 210.54 trillion cubic feet.
Komolafe, in the statement noted that he acted in line with the commission’s mandate as stipulated in the Petroleum Industry Act 2021.
He further said, as against the foregoing, he was pleased to present an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025.
“2P Crude Oil and Condensate reserves stand at 31.44 bllion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.
“2P Associated Gas and Non-Associated Gas reserves stand at 101.03 Trillion Cubic Feet and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF,” Komolafe stated.
He noted that the reserves life index stands at 64 years for oil and 93 years for gas.
This, he said, signals Nigeria’s potential to remain a dominant player in the global energy space for generations.
The NUPRC boss maintained the figures represent not just a statistical update but a bold reaffirmation of the Commission’s Regulatory Action Plan for 2024.
He said the aim was directed at ramping up exploration, enhancing upstream investment, and unlocking value from Nigeria’s vast energy resources.
He believes that boosting the efficiency and effectiveness of the upstream oil and gas sector, growing the nation’s reserves, and driving a sustainable rise in production for shared prosperity remain key priorities, as outlined in the 2024 Regulatory Action Plan and near-term strategy.
“Given the above, and furtherance of Chapter 1, Part III, Section 7 (g), (i). (i). (k), (m). (a). (r), and other powers enabling me in this respect, I 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,” he noted in the statement.
The growth in the reserves is expected to help the country achieve its 2.06 million barrels per day oil production output set by the government.
The NUPRC had last year launched an aggressive plan to increase Nigeria’s oil production by 1 million barrels per day.
In pursuit of this aim, The ICIR reported that the NUPRC opened up the country for investment with successful bid rounds, which were to allow an increase in oil production.
Its 2024 bid round saw 25 winners emerge after a competitive bidding process.
Major 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), and TotalEnergies E&P Nigeria (PPL 2000/2001).
The round, with a focus on fallow assets, was aimed at boosting Nigeria’s energy production.