Mkpoikana Udoma
Port Harcourt — Nigeria’s official 37 billion barrels crude oil reserves figure may significantly understate the country’s true hydrocarbon potential, Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has said, as the Federal Government moves to intensify seismic acquisition and frontier basin exploration.
Speaking while receiving a delegation from the Society of Petroleum Engineers, SPE, on a courtesy visit, Lokpobiri said the government believes Nigeria’s reserves are “much more than 37 billion barrels,” citing vast untapped assets and underexplored basins.
“As a government, we believe our reserves are much more than 37 billion barrels, especially with the untapped assets and other basins that are yet to be explored,” the minister stated.
He said increasing Nigeria’s reserve base remains central to the administration’s broader strategy to boost production capacity, attract fresh investment and strengthen the country’s long-term energy security.
“As part of our plans to increase the barrel, we are encouraging seismic work and exploration in these basins and existing basins,” Lokpobiri added.
Nigeria has in recent years faced pressure to ramp up output amid declining production, underinvestment in upstream assets and intensifying competition for global capital.
Industry experts have long argued that reserve growth through aggressive exploration is critical to sustaining production over the next decade.
The minister described his engagement with the SPE as part of efforts to deepen technical collaboration and professional input into policy execution.
Lokpobiri urged the professional body to scale up its contribution to the sector’s transformation, particularly in technical capacity, innovation and global best practices.
“In light of these priorities, I urged the SPE to recognize its indispensable role in shaping the energy landscape and to intensify its technical and professional contributions as we work together to unlock greater value for the sector,” he stated.
SweetCrude Reports notes that a credible reserve growth strategy, backed by seismic data, transparent licensing rounds and regulatory clarity, could reposition Nigeria more competitively in Africa’s upstream landscape, especially as energy transition pressures reshape global investment flows.
For now, the government’s message is clear: exploration will define the next phase of Nigeria’s oil and gas expansion strategy.
