Nigeria’s oil and gas reserves saw modest increases in 2024, with crude oil production rising by 26% from April 2023 to late 2024, according to the country’s oil regulator. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a 1.45% rise in oil reserves and a 0.21% increase in natural gas reserves compared to the previous year.
The country, Africa’s largest oil producer, holds approximately 37 billion barrels of proven oil reserves and 209 trillion cubic feet of gas reserves. Oil theft, which has plagued the industry in recent years, has significantly reduced with improved security measures, leading to a notable increase in output.
NUPRC Chief Gbenga Komolafe noted that the active rig count has surged to an average of 38, up from just eight in 2021, reflecting the efforts to tackle theft. Despite these gains, Nigeria is still struggling to meet its oil output target of 2.062 million barrels per day (bpd) for 2025, with current production averaging 1.7 million bpd.
The government is focused on addressing this shortfall by enhancing its anti-theft efforts and working to boost production to 3 million bpd in 2025. Komolafe emphasized that collaboration between oil producers will be key to achieving this ambitious goal.