ABUJA —
Nigeria could add over 500 million barrels to its national oil reserves through the full development of existing oil fields, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This major revelation was made by the Commission’s Chief Executive, Engr. Gbenga Komolafe, during a presentation at the NOG Energy Week 2025 in Abuja. He emphasized that recent policy reforms have triggered an influx of $16 billion in capital investments into the oil and gas sector over the past two years.
🔍 Nigeria’s Oil Reserves Hit 37.28 Billion Barrels
As of December 31, 2024, Nigeria’s official oil reserves stood at 37.28 billion barrels, according to fresh data from the NUPRC. Komolafe noted that dormant oil fields across the country present significant potential and are now being strategically reactivated.
⛽ Rig Count Surge and Project One Million Barrels
Nigeria’s rig count has risen dramatically from just 8 rigs post-COVID to 44 rigs as of 2025, a significant milestone for the upstream sector.
“We launched the Project One Million Barrels Initiative in 2024 to increase Nigeria’s production capacity from 1.46 million barrels/day to 2.5 million barrels/day by 2026. We’ve already reached 1.7 million barrels/day, and momentum is building,” Komolafe said.
💰 Host Communities Receive N326 Billion from Oil Companies
The NUPRC has established 145 Host Community Development Trusts (HCDTs) in compliance with the Petroleum Industry Act (PIA). So far, 95 oil companies have remitted a total of ₦326 billion (approx. $1.5 billion) into these trusts.
“Through our HostComply platform, we are bringing transparency and measurable benefits to oil-producing communities. This has helped foster peace and trust,” Komolafe noted.
🔐 Tackling Oil Theft and Securing Evacuation Routes
In a move to combat crude oil theft and protect national assets, 37 new evacuation routes have been approved in partnership with security agencies. These measures, Komolafe said, are improving accountability and reducing losses.
🇳🇬 Energy Sustainability and Decarbonisation Drive
Nigeria is also making strides toward sustainable energy. With a focus on reducing emissions, NUPRC has attracted $1.5 billion in capital for upstream decarbonisation projects.
Highlights include:
- Emissions tracking systems
- Carbon capture technology
- Access to climate finance via carbon markets
- The launch of the Upstream Decarbonisation Framework
- Declaration of March 18 as Nigeria’s Upstream Decarbonisation Day
“This isn’t just policy. It’s a gateway to green investment, innovation, and inclusive growth,” Komolafe added.
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🧠 Digital Transformation of the Sector
The NUPRC also highlighted its full-scale digitisation efforts, aimed at speeding up approvals, improving investor confidence, and modernizing regulatory oversight.
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