Nigeria’s vast hydrocarbon resources, including 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas, are poised to sustain the nation’s energy needs for the next 70 and 90 years, respectively, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Hobnob News reports on the optimistic outlook and the call for strategic energy transition.
Gbenga Komolafe, the Commission Chief Executive of NUPRC, revealed these projections at the Decarbonisation and Energy Sustainability Forum in Abuja, emphasizing the nation’s significant energy potential. Speaking on the theme, “Navigating the Global Energy Transition: Leveraging Decarbonisation in Nigeria’s Upstream Oil & Gas for Sustainable Value Creation,” Komolafe urged stakeholders in the Nigerian oil and gas industry to collaborate in navigating the energy transition.
He stressed the importance of balancing energy security, economic growth, and environmental sustainability as Nigeria pursues its decarbonization and net-zero emissions goals by 2060. “With 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas and life indices of 70 and 90 years, respectively, the stakes are even higher for Nigeria,” Komolafe stated. “As you are aware, the oil and gas sector contributes nearly 90 per cent of our foreign exchange earnings and 70 percent of national revenues.”
He posed a critical question to the audience: “How do we leverage our vast hydrocarbon resources while embracing decarbonisation to ensure long-term sustainability and competitiveness?”
Komolafe highlighted the global shift towards carbon neutrality, driven by the post-Paris Agreement era, which has led to decreased investments in oil and gas. However, he advocated for a “just transition” that considers the economic realities of different regions.
He also referenced commitments made at COP28 and COP29, where leaders pledged to triple global renewable energy capacity by 2030, and noted the U.S.’s declaration of a national energy emergency for 2025, underscoring the importance of energy security.
According to Komolafe, the current US administration’s stance aligns with Nigeria’s strategy of leveraging natural gas as a transitional fuel, opening a pathway for Nigeria and Africa to chart their own transition that balances climate action with economic growth and energy security.
Beyond a just energy transition, Komolafe emphasized Nigeria’s pursuit of energy access that delivers value to its citizens. He reiterated Nigeria’s commitment to decarbonization, highlighting initiatives such as the National Gas Policy of 2017, the National Gas Expansion Programme, and the Decade of Gas Initiative.
“The enactment of the Petroleum Industry Act, the launch of the Presidential Compressed Natural Gas Initiative, the landmark introduction of Presidential Executive Order 40 in 2024, and the strategic implementation of the Nigerian Gas Flare Commercialisation Programme signify a new dawn for the Nigerian gas development,” Komolafe said.
The NUPRC has established the Energy Sustainability and Carbon Management department to drive its decarbonization agenda, focusing on seven strategic pillars, including zero routine flaring, methane abatement, and technological innovation.
“We recognize that the journey ahead demands vision, collaboration, and an unwavering pursuit of excellence,” Komolafe concluded, emphasizing the importance of measurable progress in cutting emissions and driving operational efficiency. Hobnob News will continue to track the progress of Nigeria’s energy transition.
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