Nigeria has been listed as the lowest on the ladder among the top 10 Organisation of Petroleum Exporting Countries (OPEC) with the highest oil reserves in the world, according to the latest industry data.
The data shows that Venezuela leads the ranking with 303 billion barrels of proven oil reserves, followed by Saudi Arabia with 267 billion barrels, Iran 209 billion barrels, Iraq 145 billion barrels, and the United Arab Emirates with 113 billion barrels. Others on the list include Kuwait 102 billion barrels, Russia 80 billion barrels, Libya 49 billion barrels, the United States 45 billion barrels, and Nigeria at around 37 billion barrels.
For years, Nigeria’s oil reserves have remained relatively stagnant at approximately 37 billion barrels, failing to grow enough to replace daily extraction. This flat trajectory highlights persistent issues that have hindered exploration, development, and reserve replacement.
Industry analysts say that rampant oil theft, pipeline vandalism, insecurity in the Niger Delta, aging infrastructure, and a challenging investment climate have collectively deterred the influx of capital needed to unlock new reserves. Shift in focus from onshore to deepwater fields and lack of new exploration efforts have also contributed to the slow growth of reserves.
While production has fluctuated over recent years, Nigeria has at times struggled to meet its OPEC quota due to operational constraints and infrastructure setbacks.
The Nigerian government has set ambitious goals to boost oil reserves to 40 billion barrels and increase production to 3 million barrels per day (bpd). However, experts stress that without meaningful progress in addressing security concerns and stimulating investment, these targets may remain out of reach.
Despite its significant potential as Africa’s largest oil producer, structural and operational hurdles continue to limit Nigeria’s ability to effectively explore and expand its oil capacity.
