By Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Komolafe announced the update on Friday, emphasizing the commission’s commitment to increasing reserves and ensuring sustainable oil and gas production as outlined in the Petroleum Industry Act (PIA) 2021.
He detailed that as of January 1, 2025:
Crude oil and condensate reserves stand at 37.28 billion barrels
Associated and non-associated gas reserves total 210.54 TCF
Reserve life index is 64 years for oil and 93 years for gas
Experts say this increase aligns with the government’s goal of achieving 2.06 million barrels per day. The NUPRC has been driving investment in the sector, including successful bid rounds aimed at expanding oil production by 1 million barrels per day.
