Nigeria Gains New Position in Africa as Oil And Gas Reserves Hits New High
- The Nigeria Upstream and Petroleum Regulatory Commission (NUPRC) has said that Nigeria’s crude oil and gas reserves have risen
- A statement from the commission said that the country’s reserve position rose to 37.28 billion barrels of oil and 210.58 trillion cubic feet of natural gas
- NUPRC’s CEO, Gbenga Komolafe, revealed that Nigeria’s proven (2P) crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian Upstream and Petroleum Regulatory Commission (NUPRC) has announced that Nigeria's official petroleum reserves have increased to 37.28 billion barrels of crude oil and condensate, along with 210.54 trillion cubic feet of natural gas.
The NUPRC disclosed this recently in a release, declaring the country’s reserve position in crude oil and natural gas.
Source: Getty Images
Nigeria’s oil and gas reserves increase
According to the release signed by NUPRC chief executive officer, Gbenga Komolafe, Nigeria’s proven (2P) crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively.
In the gas industry, associated gas reserves are projected to be 101.03 TCF. Meanwhile, non-associated gas reserves reached 109.51 TCF, and all reached 210.54 TCF.
“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,” the statement said.
Komolafe said that the revelation aligns with Nigeria’s economic future and the commission’s mandate as enshrined in the Petroleum Industry Act 2021, stating that the commission’s commitment to growing Nigeria’s hydrocarbon base to boost production and ensure long-term sustainability.
Nigeria’s gas reserves hit 93 years, oil 64 years
The statement further said the Reserves Life Index stood at above 64 years for oil and 93 years for gas, showing Nigeria’s potential to remain a dominant player in the global oil and gas sector for a long time.
The NUPRC’s boss added that the figures show a statistical update and a bold reaffirmation of the commission’s regulatory action plan for 2024, aimed at ramping up exploration, boosting upstream investment, and opening up value from Nigeria’s vast energy resources.
Punch reports that the statement said that boosting the efficiency and effectiveness of the upstream oil and gas sector, growing Nigeria’s reserves and driving a sustainable rise in production for Nigeria’s prosperity remain the commission’s priority.
“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. 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,” the statement said.
Nigeria gains new position in Africa
The revelation puts Nigeria in a new position in Africa among the countries with the highest crude oil reserves.
Libya, Nigeria, and Algeria are among the top countries on the continent, which has a sizable portion of the world's proven oil reserves.
In both North and sub-Saharan Africa, oil extraction is essential because it draws in foreign capital, generates employment, and helps the governments make money.
Source: Getty Images
Africa's greatest proven oil reserves continue to affect worldwide trade and energy regulations, as well as the region's place in the global energy market.
The top ten African countries with the biggest proven oil reserves are listed below, per Global Firepower.
List of 10 Countries With Largest Oil Reserves Emerges
Legit.ng earlier reported that the Nigerian authorities recently announced an increase in oil production from 1.28 million barrels per day to 1.7 million barrels, making it Africa’s largest oil producer.
While Nigeria’s oil production has increased significantly over the years as it battles to contain oil theft and low output, it has lost its position as the country with the largest oil reserves in Africa.
Crude oil production is critical to the economic well-being of Nigeria and other oil-producing countries in Africa.
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Source: Legit.ng
