NAPE's Ajayi Warns of Declining Oil Reserves in Nigeria

Mrs. Olajumoke Ajayi, President of the Nigerian Association of Petroleum Explorationists (NAPE) and Managing Director of West African Exploration & Production Limited, warned that Nigeria's proven oil reserves have decreased from 38 billion barrels to 37 billion barrels and may further decline to 36 billion barrels if frontier basins remain unexplored and undeveloped assets continue to lie idle. Speaking at the 3rd Nigeria Oil Refining Summit (NORS) 2026, she highlighted that Nigeria is currently producing oil solely from the Niger Delta basin, despite having six other basins that are yet to be thoroughly explored.

Ajayi noted that while Nigeria has enough crude to support the Dangote Refinery and modular refineries, the decline in reserves is concerning due to stalled replacement efforts. She urged operators to collaborate with nearby producers to expedite crude evacuation and emphasized the importance of technical competence in managing oil assets.

Ajayi called for increased investment in upstream activities to align with the country's refining ambitions.