
Nigeria’s oil and gas reserves climbed modestly in 2024, while crude oil production surged by 26% since April 2023.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed a 1.45% rise in oil reserves and a 0.21% increase in natural gas reserves. Nigeria now holds 37 billion barrels of proven oil reserves and 209 trillion cubic feet of gas reserves.
NUPRC Chief Gbenga Komolafe highlighted a dramatic improvement in operational efficiency, with active rig counts rising from eight in 2021 to an average of 38 in 2024.
“Effective collaboration with security agencies has reduced oil theft and deferments by over 40% in the past year,” Komolafe stated.
Despite the gains, Nigeria faces challenges in meeting its ambitious 2025 oil production target of 2.062 million barrels per day (bpd). Current output hovers at 1.7 million bpd, leaving a deficit of 360,000 bpd.
To bridge this gap, the government has intensified its crackdown on oil theft while targeting a bold production goal of 3 million bpd this year.
The NUPRC plans to foster efficiency by encouraging oil companies to collaborate and streamline operations to meet the national targets.
Nigeria remains reliant on oil for over two-thirds of government revenue and 90% of foreign exchange earnings. Strengthening production and reducing theft are critical for the nation’s economic stability.