The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that over 3.5 billion barrels of oil and condensate reserves are locked in undeveloped fields across different basins in Nigeria.
The NUPRC report also stated that 18.8 trillion cubic feet of associated and non-associated gas reserves were still locked under the ground.
According to the report, the development status of deepwater oil and gas fields revealed a significant untapped potential in the sector.
The report showed that 31.65 per cent of these fields remain undeveloped, marking the largest category.15+ Minutes Video: Father Caught In Unspeakable Position With His Daughter In Lagos Hotel (Don’t Open In Public)
Conversely, only a paltry 12.25 per cent of the deepwater oil and gas fields are currently classified as developed fields, indicating that operational sites constitute a moderate portion of the total allocated fields.
The development status of the deep offshore oil and condensate reserves showed that 1.7 billion barrels are in developed fields, representing 25 per cent; 1.5 billion barrels (23 per cent) are in fields tagged ‘development in view’, while 52 per cent are in undeveloped fields.
It was reported that as of January 1, 2025, the deepwater terrain contributed approximately 19 per cent and 12 per cent of oil and gas reserves in Nigeria. 65 per cent of the discovered fields are undeveloped, while only 10 per cent of the discovered fields are developed. 25 per cent of deep offshore reserves have ‘development in view’.
“This implies that over 3,500 MMB of oil and condensate reserves and 18.8 TCF of non-associated gas and associated gas reserves are locked in undeveloped fields,” the report said.
It was stated that development gas reserves were just 4.7 TCF, while 877 billion cubic feet of gas reserves are currently undergoing development processes.
These current figures are in fields that have been identified but left fallow.
The NUPRC said Nigeria’s oil reserves stood at 37.28 billion barrels, while gas reserves hit 210.54 TCF.
There are 220 unlicensed oil blocks in different onshore and offshore basins across the country.
The NUPRC said the 220 dormant open blocks would be handed to concessionaires after periodic bid rounds and conditions are met. The oil blocks have remained dormant despite Nigeria’s growing debt burden and crude shortages affecting local refineries.
The NUPRC data showed that the deep offshore terrain accounts for the highest number of unlicensed blocks at 59, highlighting the country’s underexploited energy wealth in its most technically advanced but capital-intensive region. The Benue Trough follows with 41 open blocks, while the Chad Basin hosts 40. In the Sokoto Basin, there are 28 blocks yet to be awarded, and the Bida Basin has 16. It was disclosed that even in more mature areas, idle blocks persist.
The Niger Delta still holds seven open blocks, the Anambra Basin has 13 open blocks, while eight each remain unlicensed in the Benin Basin and the onshore Niger Delta.
However, the commission clarified that the 220 oil blocks were not abandoned but were simply awaiting concessions in line with Section 7(t) of the Petroleum Industry Act 2021, which empowers it to conduct periodic licensing rounds and grant Petroleum Prospecting Licences and Petroleum Mining Leases to prospective investors.
“The 220 oil blocks would be handed to concessionaires after periodic bid rounds and conditions had been met,” the NUPRC said…Continue..Reading..
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