Oil Boom: Nigeria’s Petroleum Reserves Revealed to be Worth Billions

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the country’s official petroleum reserves position, revealing a substantial 37.28 billion barrels of crude oil and condensate, alongside 210.54 trillion cubic feet of natural gas. This declaration was made by NUPRC’s Chief Executive, Gbenga Komolafe, in a press release titled “The Declaration of Annual National Petroleum Reserves Position as of 1st January 2025”.

For further information, read more details here

According to Komolafe, Nigeria’s proven (2P) crude oil reserves stand at 31.44 billion barrels, while condensate reserves are estimated at 5.84 billion barrels. In the gas sector, associated gas reserves are pegged at 101.03 trillion cubic feet, and non-associated gas reserves are approximately 109.51 trillion cubic feet.

“Against the foregoing, I am pleased to present to you an overview of the nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025, as follows: 2P crude oil and condensate reserves stand at 31.44 billion 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.

The NUPRC boss emphasised that this monumental revelation aligns with the commission’s mandate under the Petroleum Industry Act 2021, reiterating the commission’s commitment to expanding Nigeria’s hydrocarbon base, boosting production, and ensuring long-term sustainability.

“The Reserves Life Index stands at 64 years for oil and 93 years for gas,” Komolafe declared, indicating that Nigeria has the potential to remain a dominant player in the global energy space for generations. He added that the figures represent not just a statistical update but a bold reaffirmation of the Commission’s Regulatory Action Plan for 2024.

Given the significance of these findings, Komolafe officially declared, “Given the above and furtherance of Chapter 1, Part III, Section 7 (g), (k), (m), (a), (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 January 1, 2025”.

This development is expected to boost Nigeria’s economic future, with experts believing the growth in reserves will help the country achieve its production targets. The NUPRC’s 2024 Regulatory Action Plan focuses on boosting efficiency, growing national reserves, and driving sustainable production for shared prosperity

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post