Nigeria’s Upstream Petroleum Regulatory Commission (NUPRC) has officially declared the nation’s petroleum reserves as of January 1, 2025, unveiling a substantial resource base that positions the country for continued prominence in the global energy landscape. The announcement, made by NUPRC Chief Executive Engr. Gbenga Komolafe, details impressive figures for both crude oil and natural gas reserves, signaling significant potential for economic growth and long-term energy security. The declared reserves comprise 37.28 billion barrels of crude oil and condensate and a staggering 210.54 trillion cubic feet (TCF) of natural gas. This declaration, grounded in the mandates of the Petroleum Industry Act 2021, underscores the NUPRC’s commitment to expanding Nigeria’s hydrocarbon resources, driving production growth, and ensuring the sustainable development of the nation’s energy sector.
Breaking down the figures, the proven (2P) reserves consist of 31.44 billion barrels of crude oil and 5.84 billion barrels of condensate, totaling 37.28 billion barrels. This considerable volume reinforces Nigeria’s status as a major oil producer and highlights the potential for sustained revenue generation from this crucial resource. On the gas front, the reserves are equally impressive, with 101.03 TCF of associated gas and 109.51 TCF of non-associated gas, combining for a total of 210.54 TCF. This vast gas reserve base not only strengthens Nigeria’s position as a key player in the global gas market but also offers significant opportunities for domestic power generation, industrial development, and diversification of the national economy.
The declared reserves translate to a substantial Reserves Life Index, indicating the estimated duration for which these resources can be extracted at current production rates. For oil, the index stands at 64 years, while for gas, it reaches an impressive 93 years. These figures underscore the long-term viability of Nigeria’s energy sector and suggest that the country can continue to play a significant role in meeting global energy demands for decades to come. This long-term perspective allows for strategic planning and investment in the sector, fostering sustainable development and maximizing the benefits derived from these valuable resources.
This declaration of reserves serves as a cornerstone of the NUPRC’s 2024 Regulatory Action Plan, a strategic roadmap designed to invigorate the upstream oil and gas sector. The plan prioritizes increasing exploration activities, attracting investment, and unlocking the full potential of Nigeria’s vast energy resources. By focusing on these key areas, the NUPRC aims to drive sustainable growth in production, generating economic prosperity and ensuring long-term energy security for the nation. The 2024 Regulatory Action Plan provides a framework for achieving these objectives, emphasizing efficiency, effectiveness, and a commitment to maximizing value from Nigeria’s hydrocarbon resources.
The NUPRC’s focus on enhancing efficiency and effectiveness in the upstream sector aligns with the broader goals of maximizing the economic and social benefits derived from the nation’s oil and gas resources. This commitment extends beyond mere extraction and encompasses the development of downstream industries, job creation, and infrastructure improvements. By strategically managing the upstream sector, the NUPRC aims to create a ripple effect of positive impacts throughout the Nigerian economy, promoting sustainable development and enhancing the overall well-being of the population.
The formal declaration of these reserves, as mandated by specific sections of the Petroleum Industry Act 2021, solidifies the NUPRC’s commitment to transparency and accountability in managing Nigeria’s hydrocarbon resources. By publicly disclosing these figures, the Commission underscores its dedication to responsible resource management and reinforces its role as a steward of the nation’s energy future. This transparency fosters trust and encourages both domestic and international investment in the Nigerian oil and gas sector, further contributing to the nation’s economic growth and development. The declaration serves as a testament to the NUPRC’s dedication to responsible and sustainable development of Nigeria’s energy resources for the benefit of present and future generations.
