🇳🇬

Nigeria

West Africa

NGA

⚡

Crude Oil

Strategic Resource

Energy • crude_oil • 2 deposit(s)

DISPUTED: Nigeria claims 37.28B bbl but independent audits suggest ~30B bbl due to depletion. Oil theft losses (400,000 bpd) not reflected in official figures. "Proved" reserves include politically-motivated upward revisions. Reserves Life Index assumes current production, but Nigeria rarely meets OPEC quota.

Niger Delta Basin (Onshore & Shallow Offshore)

Delta, Bayelsa, Rivers, Akwa Ibom, Edo, Ondo, Imo, Abia

producingExport Ready

Grade: 32 API_gravity - Light sweet crude (Bonny Light ~32-36 API). Low sulfur content.

Security:4/5Regulatory:2/5Environmental:4/5

Proved31.44B bbl(recoverable)

📊Data Quality

Quality Tier:proved

Confidence:90%

As of:2025-01-01

✓No data quality warnings

Sources

Nigeria Oil and Gas Reserves Report 2025
Nigerian Upstream Petroleum Regulatory Commission (NUPRC), 2025
OPEC Annual Statistical Bulletin 2025
Organization of the Petroleum Exporting Countries, 2025

Base Case

Price (USD/bbl)

Recovery Factor(0-1)

Basis: recoverable (not applied)

Government Take(0-1)

= 65.0%

Gross Value

$1.92Tmodeled

State Value

$1.25Tmodeled

Conservative

Price (USD/bbl)

Recovery Factor(0-1)

Basis: recoverable (not applied)

Government Take(0-1)

= 65.0%

Gross Value

$1.57Tmodeled

State Value

$1.02Tmodeled

Optimistic

Price (USD/bbl)

Recovery Factor(0-1)

Basis: recoverable (not applied)

Government Take(0-1)

= 65.0%

Gross Value

$2.52Tmodeled

State Value

$1.63Tmodeled

Notes: NUPRC official figures Jan 2025. DISPUTED: Some analysts argue actual is 25-28B bbl after accounting for unreported depletion.

Inferred⚠25.00B bbl(recoverable)

📊Data Quality

Quality Tier:inferred

Confidence:50%

As of:2024-06-30

Warnings

⚠️Inferred estimate with low geological certainty. Confidence capped at 60%.

Sources

Africa Oil & Gas Outlook 2024
Rystad Energy, 2024

Base Case

Price (USD/bbl)

Recovery Factor(0-1)

Basis: recoverable (not applied)

Government Take(0-1)

= 65.0%

Gross Value

$1.52Tmodeled

State Value

$991.25Bmodeled

Notes: CONFLICTING ESTIMATE: Independent analysis suggests lower actual reserves. Rystad Energy 2024 assessment. Accounts for unreported production and theft losses since 2010.

Deep Offshore Fields

Offshore Atlantic

producingExport Ready

Grade: 34 API_gravity - High quality light crude. Major fields: Bonga, Agbami, Akpo, Egina, Erha.

Security:1/5Regulatory:2/5Environmental:2/5

Proved5.84B bbl(recoverable)

📊Data Quality

Quality Tier:proved

Confidence:85%

As of:2025-01-01

✓No data quality warnings

Sources

Nigeria Hydrocarbon Reserves Assessment 2025
NUPRC, 2025

Base Case

Price (USD/bbl)

Recovery Factor(0-1)

Basis: recoverable (not applied)

Government Take(0-1)

= 55.0%

Gross Value

$379.60Bmodeled

State Value

$208.78Bmodeled

Conservative

Price (USD/bbl)

Recovery Factor(0-1)

Basis: recoverable (not applied)

Government Take(0-1)

= 55.0%

Gross Value

$292.00Bmodeled

State Value

$160.60Bmodeled

Optimistic

Price (USD/bbl)

Recovery Factor(0-1)

Basis: recoverable (not applied)

Government Take(0-1)

= 55.0%

Gross Value

$496.40Bmodeled

State Value

$273.02Bmodeled

Notes: Condensates from deep offshore and associated gas fields.