Nigeria’s Crude Oil Reserves Climb to 37.28 Billion Barrels, Gas Reserves Hit 210.54 Tcf – NUPRC

Naija247News reports that Nigeria’s proven crude oil reserves have risen to 37.28 billion barrels, while the nation’s natural gas reserves now stand at 210.54 trillion cubic feet (tcf), according to fresh data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Naija247news understands that the figures were unveiled by the Commission Chief Executive, Engr. Gbenga Komolafe, during the 2024 Nigeria International Energy Summit in Abuja. The latest statistics reflect the country’s ongoing efforts to bolster exploration activities and drive investment in the upstream petroleum sector.

According to Naija247news, the data is based on findings from 61 operating companies that submitted their annual reports for the year ended January 1, 2024. This reserve position represents a modest but significant growth compared to previous years, reinforcing Nigeria’s place as a key player in the global energy landscape.

Naija247news gathered that the current crude oil reserves level underscores the country’s vast untapped hydrocarbon potential, especially at a time when global demand is being redefined by the shift toward renewable energy. The gas reserves, on the other hand, are seen as a strategic asset capable of driving Nigeria’s transition to cleaner energy sources and powering industrial development.

Naija247news understands that the NUPRC has been pushing for more robust investment in gas exploration under the “Decade of Gas” initiative launched by the federal government, with a view to transforming Nigeria into a leading gas-based economy.

Naija247news reports that Komolafe emphasized the need to optimize the country’s hydrocarbon resources through innovative technology, regulatory transparency, and incentives for investors. He reiterated that Nigeria’s oil and gas sector remains open for business, urging both local and foreign investors to take advantage of emerging opportunities.

According to Naija247news, stakeholders at the summit highlighted the importance of balancing resource exploitation with environmental sustainability, as the country seeks to meet both its energy security and climate obligations.

Naija247news gathered that the recent reserve update comes amid renewed calls for reforms in Nigeria’s oil governance structure and increased security in oil-producing regions, both of which are critical to unlocking the full potential of the country’s energy assets.