₦airaland Forum

Idle oil wealth of Africa’s largest oil producer could build 2 million health centers

According to a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria has huge oil and gas wealth confined in underdeveloped fields across its basins, with over 3.5 billion barrels of oil and condensate reserves that have yet to be tapped.

• Nigeria holds over 3.5 billion barrels of untapped oil and condensate reserves valued at $227.5 billion at $65 per barrel.

• These reserves, if utilized, could fund substantially more infrastructure projects than the nation's projected 2025 budget, which includes a ₦13 trillion deficit.

• The underdevelopment of oil and gas fields is highlighted, with only 12.25% of deepwater fields being developed and 52% remaining untapped.

At an average benchmark of $65 per barrel, these reserves are worth about $227.5 billion.

The untapped reserves are worth more than 600% of Nigeria's 2025 national budget (₦54.9 trillion).

If properly utilized, the estimated untapped wealth could support breakthrough initiatives throughout the country, including creating almost two million basic health centers at ₦150 million each, over five million blocks of two classrooms at ₦65 million each, or 413,000 kilometres of highways at ₦825 million each kilometre, as per analysis from The Punch.

The 2025 budget of Africa's largest oil-producing nation shows a deficit of almost ₦13 trillion, illustrating the gap between borrowing demands and idle reserves.

The fiscal plan allocates ₦13.64 trillion for recurrent spending, ₦23.96 trillion for capital projects, ₦14.32 trillion for debt servicing, and ₦3.65 trillion for statutory transfers.

A deficit of ₦13.08 trillion is projected to be covered by domestic and external borrowing.

Nigeria’s untapped wealth

The NUPRC analysis revealed that the West African country has yet to produce 18.8 trillion cubic feet (TCF) of related and non-associated gas reserves.

A breakdown of the development status of deepwater oil and gas resources reveals a concerning level of underutilization.

According to the research, the majority of fields (31.65%) remain underdeveloped, with just 12.25% being developed.

Only 5.10% fit into the "development in view" category, suggesting that there are few projects in progress.

For deep offshore oil and condensate reserves, about 1.7 billion barrels, or 25%, are in established fields, with 1.5 billion barrels, or 23%, under development in the works.

However, a startling 52% remain underdeveloped.

As of January 1, 2025, Nigeria's deepwater terrain accounted for around 19% of oil reserves and 12% of gas reserves.

However, data show that 65% of identified fields remain underdeveloped, while just 10% have been fully developed, leaving 25% with development in the works.

Nigeria's total oil reserves are approximately 37.28 billion barrels, with gas reserves estimated at 210.54 trillion cubic feet.

The NUPRC further said that 220 unlicensed oil blocks are dispersed throughout onshore and offshore basins.

Only 4.7 TCF of gas reserves are officially "developed," with an additional 877 billion cubic feet left in the development process.

Source: https://africa.businessinsider.com/local/markets/idle-oil-wealth-of-africas-largest-oil-producer-could-build-2-million-health-centers/mb14zpk

Nigeria is a very rich country but it's the so called politicians that are stealing everything

The oil money stolen from this country by this politicians since independence is enough to build a country like the United States.

THE OIL WELLS ARE NOT IN IGBO LAND
THE OIL WELLS ARE NOT IN YORUBA LAND
THE OIL WELLS ARE NOT IN HAUSA LAND

YET .... IGBO, YORUBA AND HAUSA NO LET NIGER DELTA AND NIGERIA BREATHE.... THEIR TRADE MARK IS NEPOTISM, TRIBALISM, AND POWER MONGERING

thisisit:
THE OIL WELLS ARE NOT IN IGBO LAND
THE OIL WELLS ARE NOT IN YORUBA LAND
THE OIL WELLS ARE NOT IN YORUBA LAND

YET .... IGBO, YORUBA AND HAUSA NO LET NIGER DELTA AND NIGERIA BREATHE.... THEIR TRADE MARK IS NEPOTISM, TRIBALISM, AND POWER MONGERING

The south east has the highest Gas deposit in Nigeria and west Africa . It's still untapped .

It is high time for African leaders to exploit the resources in their brains than exploit potential crude oil reserve because crude oil especially in Nigeria is yet to give succour for the dredge in the nation.

The resources being tapped currently are grossly mismanaged. These untouched resources are better left untapped for the future generations, perhaps they'll be better managers. Hopefully oil and gas would still be worth something in the future.

israelmao:
It is high time for African leaders to exploit the resources in their brains than exploit potential crude oil reserve because crude oil especially in Nigeria is yet to give succour for the dredge in the nation.

BUT TINUBU REFUSE TO DEVELOP OR TAP HUMAN RESOURCES.

IN CONNIVIANCE WITH THE IKOYI CABALS AND GILBERT CHARGOURY, TINUBU OWNS AGIP (PETROLEUM UPSREAM), OWNS OANDO (PETROLEUM DOWNSTREAM) AMD BLENDING PLANT IN MALTA (PETROLEUM MIDSTREAN)

HABA!!!!!... ONE PERSON CONTROLLING ALL THE PETROLEUM RESOURCES OF NIGER DELTA AND NIGERIA...GOD DEY

Nigeria is a very rich Country with lots of bad leaders, quite unfortunate.

I was in my village some years ago, and my Dad was showing me a very vast land, and said to me, it's all oil reserved.

Imagine if there's no corruption in Nigeria?

LaIabobo:
The resources being tapped currently are grossly mismanaged. These untouched resources are better left untapped for the future generations, perhaps they'll be better managers. Hopefully oil and gas would still be worth something in the future.

Two things you dont understand.

1. Nigeria's oil wealth doesn't belng to Nigerians. It belongs strictly to its political elite for their private use.

2. Oil does not have a long shelf time in the future market. In fifty years or less it will have lost its position as a lead source of energy to renewable energy, solar, biomass, wind, nuclear and many other fast rising options. Fossil fuels are almost history and countries relying on them now should do the smart thing and sell them off ahead to foreign or local offtakers for solid foreign exchange and deploy the funds strictly into building futuristic technological industries which will earn more than fossil fuels for generations to come.

Repeat after me:

NIGER DELTA OIL WEALTH.

8 more characters needed.

Afrobasic:
Repeat after me:

NIGER DELTA OIL WEALTH.

Belongs to Alhaji's in the North.

Strictly, except the portion they permit southern politicians to share.

Oyel oyel oyel everyday. Nigeria has gold and more spread around. Lithium is there. Caash crops nko?

Rankadedeism.

LagosOrigin:
Nigeria is a very rich country but it's the so called politicians that are stealing everything

The oil money stolen from this country by this politicians since independence is enough to build a country like the United States.

Nigeria is not a rich country, it just has resources

if you dont process the resources, you can not be rich.

The writer is either not well informed or just one of those clueless like Peter Obi, first, to develop all those deep water reserves would cost over $20b additionally and then there's also the OPEC daily limit to how much oil we can sell..so the article is clearly nonsense and shows the level of illiteracy of the writer and bang wagon of followers.

Africa is indeed the most blessed continent in the world

LagosOrigin:
Nigeria is a very rich country but it's the so called politicians that are stealing everything

The oil money stolen from this country by this politicians since independence is enough to build a country like the United States.

Yes. The Truth.

That's why we need prudent managers to manage affairs of the country.

It doesn't make sense being poor in midst of wealth/plenty.

LagosOrigin:
The south east has the highest Gas deposit in Nigeria and west Africa . It's still untapped .

Natural gas is different from petroleum gas

It's not that lucrative

callthefred:
The writer is either not well informed or just one of those clueless like Peter Obi, first, to develop all those deep water reserves would cost over $20b additionally and then there's also the OPEC daily limit to how much oil we can sell..so the article is clearly nonsense and shows the level of illiteracy of the writer and bang wagon of followers.

obi maybe clueless but not as daft as tinubu

Na
Na
Na

What can we call this kind of article

Arousal article

The one they have tapped, what's the benefit for nigerians

LagosOrigin:
The south east has the highest Gas deposit in Nigeria and west Africa . It's still untapped .

So you can't differentiate between oil and gas abi. Educated illiterate everywhere. The op only talk about oil well not gas deposit.

Nigeria is too hostile for businesses even oil and gas.

callthefred:
The writer is either not well informed or just one of those clueless like Peter Obi, first, to develop all those deep water reserves would cost over $20b additionally and then there's also the OPEC daily limit to how much oil we can sell..so the article is clearly nonsense and shows the level of illiteracy of the writer and bang wagon of followers.

Now that you've mentioned PO name, oya breath in, breath out... like you know more than everybody

They should stop feeding us with these facts, the government should do something about it, that is one of the reasons why they are elected