The President of the Nigerian Association of Petroleum Explorationists, Mrs. Olajumoke Ajayi, has warned that Nigeria's proven oil reserves, which have declined from 38 billion barrels a couple of years ago to 37 billion barrels, may slide further to 36 billion barrels if frontier basins remain unexplored and undeveloped assets continue to lie idle. Ajayi, also Managing Director of West African Exploration & Production Limited, gave the warning during a panel at the ongoing 3rd Nigeria Oil Refining Summit 2026 themed 'Refining for Value: Linking Upstream Supply to Downstream Demand.' She said the country is producing from only one basin, the Niger Delta, and called for measures including waiving upfront signature bonuses, incentivising data acquisition and fast-tracking marginal fields to replace reserves.
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