The Nigerian Association of Petroleum Explorationists (NAPE) has renewed its push for Nigeria to achieve and surpass the long-standing target of 40 billion barrels in proven oil reserves, urging the government’s support, investment, and advanced exploration technology to unlock untapped potential across the country’s frontier basins and deepwater assets.

Speaking at a media briefing yesterday ahead of its Golden Jubilee celebration, scheduled for Thursday, August 14, 2025, at Eko Hotel, Lagos, NAPE President, Johnbosco Uche, said the association remains committed to growing reserves beyond the current 37.28 billion barrels, insisting that with the right approach, Nigeria could break that ceiling.

He identified four priority areas for fresh discoveries: frontier basins, such as Anambra, Benue Trough, Chad and Sokoto; ultra-deepwater zones in the Niger Delta; deeper horizons in mature onshore and offshore fields, and marginal fields with undeveloped or partially appraised discoveries.

“These opportunities exist, but they require the right technology, new seismic data, targeted incentives, and proper investment. If these factors align, Nigeria can meet and even exceed the 40 billion barrels target,” Uche said.

Addressing questions on NAPE’s impact over the past five decades, he noted that the organisation’s legacy has been marked by landmark policy interventions, including advocacy that led to statutory control of the oil industry in the late 1980s, the establishment of marginal field development policy in the early 2000s, and recent incentives for frontier exploration under the Petroleum Industry Act (PIA).

The association, he added, also played a key role in shaping the PIA itself, with several of its recommendations incorporated into the final law.

On decommissioning and abandonment of oilfields, Uche stressed the need for strict provisions to ensure environmental restoration when operations cease. He backed the use of escrow accounts managed by independent financial institutions to secure funds for Decommissioning and Abandonment Restoration (DR&R), warning that companies could go bankrupt before meeting these obligations.

The President described the Golden Jubilee as “a celebration of vision, resilience, and the people behind Nigeria’s energy story.” With the theme, “Pioneering the Future of Energy in Africa,” the event will not only honour NAPE’s founding members and past leaders but also set the stage for years to come.