
Nigeria’s oil and gas reserves have shown an increase in 2024, while crude oil production surged by 26% between April 2023 and late 2024, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This positive trend follows a significant decline in oil theft activities, a major challenge that has plagued the Nigerian oil and gas industry in recent years.
Nigeria, heavily reliant on oil revenues, has been striving to increase its oil production to meet its national budget targets.However, rampant oil theft has significantly impacted output and government revenue.
The NUPRC reported a 1.45% increase in oil reserves and a 0.21% increase in natural gas reserves in 2024 compared to the previous year. Nigeria currently holds approximately 37 billion barrels of proven oil reserves and an estimated 209 trillion cubic feet of gas reserves.
The report also highlighted a significant increase in active rig count, rising from just eight in 2021 to an average of 38 in 2024, indicating increased exploration and production activities.
The NUPRC attributed the rise in production to a significant reduction in oil theft, emphasizing the collaborative efforts with security agencies to combat this issue.
Despite these positive developments, Nigeria still faces challenges in meeting its 2025 national budget target of 2.062 million barrels per day (bpd).Current output averages 1.7 million bpd, leaving a significant shortfall.