Nigeria Boosts Oil Reserves by 1 Billion Barrels

Nigeria’s crude oil reserves have increased by 1 billion barrels while natural gas reserves have jumped by 2.573 trillion cubic feet (TCF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said. As of January 1, 2024, Nigeria’s combined proven reserves of crude oil and condensate stood at 37.50 billion barrels, while the reserves of associated natural gas and non-associated gas stood at 209.26 trillion cubic feet, NUPRC’s chief executive Gbenga Komolafe said. Of the oil and condensate reserves, crude oil reserves were 31.56 billion barrels and condensate 5.94 billion barrels, NUPRC said in a statement on Tuesday.

Nigeria thus ranks second in Africa in terms of crude oil reserves, behind Libya. In terms of natural gas reserves, Nigeria ranks first in Africa and holds a large portion of Africa’s estimated reserves – more than 33% of these.  Nigeria has 68 years of crude reserves and 97.99 years of natural gas reserves, according to NUPRC’s Komolafe. “Engr Gbenga Komolafe says these figures shed light on the significant resources Nigeria possesses in terms of Oil and Gas reserves, reaffirming its position as a key player in the global energy landscape, which is crucial for the country’s energy policies, investment decisions, and overall economic planning,” NUPRC said today. Last year, Nigeria’s state oil firm NNPC said it had started exploration in the onshore frontier basins, aiming to boost the OPEC producer’s proven crude oil reserves to 50 billion barrels. 

Oil theft and pipeline vandalism have long plagued Nigeria’s upstream oil and gas industry, driving majors out of the country and often resulting in force majeure at the key crude oil export terminals.However, Nigerian oil production has started to recover in recent months and hit in February its highest level in more than three years amid a concerted effort to crack down on targeted attacks and organized theft rings.