NUPRC Reveals Four Basins Could Boost Oil Reserves

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the Chad Basin, Benue Trough, Anambra Basin, and Benin Basin have the potential to add 500 million barrels to Nigeria's crude oil reserves. This information was disclosed by the Commission Chief Executive, Oritsemeyiwa Eyesan, at the annual conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos, where she was represented by Temisan-Olatunde Patricia, Assistant Director, Services Department.

The 2025 licensing round attracted interest from nearly 300 companies, with 50 oil and gas blocks offered and 37 assets taken up, including those in frontier basins. Successful development of these assets could contribute at least 300,000 barrels per day of crude oil and condensate within five years, aiding Nigeria's goal of producing three million barrels daily by 2030.

Additionally, the assets could yield 20 trillion cubic feet of gas reserves and 500 million standard cubic feet per day of gas production. The Commission is also focusing on restoring over 788,000 barrels per day of shut-in production across 63 operators and advancing offshore projects valued between $30 billion and $50 billion.