Sabotage was a leading cause of oil spills in Nigeria in 2024, accounting for nearly 60% of all recorded incidents, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The figure was revealed in the Commission’s 2024 Annual Report, released in accordance with the Petroleum Industry Act (PIA) 2021, which mandates yearly disclosures to the Minister of Petroleum Resources.
Out of 732 oil spill incidents documented during the year, sabotage was responsible for 59.01%, reinforcing persistent concerns over vandalism and security threats across oil-producing regions.
Oil and Gas Reserves Post Modest Growth
As of January 1, 2024, Nigeria’s crude oil and condensate reserves climbed to 37.50 billion barrels, up 1.45% from the previous year. Gas reserves also increased marginally to 209.26 trillion cubic feet (TCF) from 208.83 TCF in 2023—marking a 0.21% growth.
The country’s total crude oil and condensate production for 2024 reached 578.52 million barrels, including 482.82 million barrels of crude oil and 95.70 million barrels of condensate. The combined average daily output stood at 1.58 million barrels per day (bpd)—comprising 1.32 million bpd of crude and 261,430 bpd of condensate. Despite these figures, actual production represented only 67% of the Technical Allowable Rate (TAR) designated for the year.
Gas Production and Utilisation Efficiency Improve
The report shows total gas production in 2024 was 2.511 TCF, translating to an average of 6.86 billion cubic feet per day (BCF/D). Of this, associated gas accounted for 3.92 BCF/D (57.2%), while non-associated gas made up the remaining 2.94 BCF/D (42.8%).
Utilisation efforts recorded progress, with 92.26% of gas produced—equivalent to 2.317 TCF—put to productive use. Flaring was reduced to 7.64% (0.193 TCF), and shrinkage losses stood at 0.003 TCF (0.10%).
Strong Revenue Performance Amid Budget Constraints
NUPRC reported ₦12.25 trillion in revenue for 2024, significantly exceeding its ₦6.93 trillion budget target by 76.74%. On the regulatory front, the Commission operated with a ₦286.94 billion budget, generating ₦281.34 billion in actual income and spending ₦191.12 billion.
Regulatory Progress and Licensing Outlook
The Commission disclosed the successful closure of six regulatory cases in 2024. It also confirmed plans to proceed with the 2024 oil licensing round, in line with the PIA’s investment framework. The new round aims to attract fresh capital and exploration interest across Nigeria’s underexplored petroleum basins.