Nigeria’s oil reserves have hit a record high of 37.24 billion barrels, with gas reserves at 210.5 trillion cubic feet, according to NUPRC. However, experts warn that at current production rates, the reserves could last just 64 more years.
Engr. Gbenga Komolafe, NUPRC’s Chief Executive, stressed the importance of transparency and investment in exploration to ensure the country’s energy future. “We need to invest more in exploration,” Komolafe said. “Without increasing our reserves, we face the risk of depletion.”
Experts like Wunmi Iledare and Bayo Alamutu emphasize the need for a stable regulatory environment and improved security to attract more investment into the sector.
