Nigeria to Leverage 37.5bn Barrels of Oil, 209tcf of Gas for Industrialisation – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed Nigeria’s commitment to leveraging its vast hydrocarbon reserves, comprising 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas, to drive industrialisation while ensuring decarbonisation for long-term sustainability.
Speaking at an event in Abuja themed “Towards an Energy-Secured and Decarbonised Future”, NUPRC Chief Executive Gbenga Komolafe highlighted that the life indices of Nigeria’s oil and gas resources stand at 70 and 90 years, respectively. He emphasised the need for a balanced approach that utilises Nigeria’s natural wealth while embracing energy transition policies.
“The oil and gas sector contributes nearly 90 per cent of our foreign exchange earnings and 70 per cent of national revenues,” Komolafe noted. “The key question before us today is: How do we leverage our vast hydrocarbon resources while embracing decarbonisation to ensure long-term sustainability and competitiveness?”
Komolafe stressed the importance of a “just transition” that acknowledges regional economic realities, citing the United States’ approach of maintaining oil and gas production to ensure energy affordability and reliability. He noted that Nigeria is adopting a similar strategy by positioning natural gas as a transitional fuel.
Several government initiatives, including the National Gas Policy (NGP) of 2017, the National Gas Expansion Programme (NGEP) initiated in 2021, and the Decade of Gas Initiative (2021–2030), aim to harness Nigeria’s extensive gas reserves and create a structured, transparent, and investor-friendly gas market.
Related Posts
Additionally, Komolafe pointed to the Petroleum Industry Act (PIA), the Presidential Compressed Natural Gas (CNG) Initiative (Pi-CNG), Presidential Executive Order 40 (2024), and the Nigerian Gas Flare Commercialisation Programme (NGFCP) as key developments shaping the country’s energy future.
Despite challenges such as infrastructure gaps and investment constraints, NUPRC is spearheading strategic initiatives to accelerate gas exploration and development. These efforts aim to drive industrialisation, expand domestic energy access, and reinforce Nigeria’s leadership in the global energy landscape.
Komolafe also announced the launch of a comprehensive blueprint for decarbonisation in the upstream sector, alongside new guidelines for participation in oil and gas carbon management. The initiatives, he said, mark a new phase in Nigeria’s commitment to sustainable energy development.
