The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has announced the discovery of a new oil well with massive crude oil deposits, a development expected to significantly boost Nigeria’s hydrocarbon reserves and strengthen the nation’s energy security.

NNPC Ltd. disclosed this in a statement issued in Abuja on Sunday, describing the discovery as a major breakthrough in its ongoing upstream exploration activities.

According to the company, the newly discovered oil well was identified during an extensive exploration exercise conducted in collaboration with its joint venture partners, using advanced seismic and drilling technologies.

The statement noted that preliminary findings indicate that the oil well contains substantial crude oil deposits with high commercial potential, capable of supporting long-term production and contributing meaningfully to national output levels.

“This discovery underscores NNPC Ltd.’s commitment to aggressively pursue exploration opportunities within Nigeria’s sedimentary basins to grow the nation’s reserves and ensure sustainable energy supply,” the company said.

NNPC Ltd. explained that further appraisal and evaluation activities were already underway to determine the full extent, quality and recoverability of the crude oil deposits, as well as the most efficient development strategy.

The company added that the discovery aligns with the Federal Government’s objective of increasing Nigeria’s crude oil production capacity and reducing dependence on oil imports, while also attracting new investments into the oil and gas sector.

Industry experts have described the development as a positive signal for Nigeria’s energy sector, particularly at a time when the country is seeking to optimise production, stabilise revenue inflows and strengthen its position within the global oil market.

They noted that successful development of the new oil well could lead to job creation, increased foreign exchange earnings and enhanced economic activities in the host communities.

NNPC Ltd. also reaffirmed its commitment to conducting all exploration and production activities in line with global best practices, with strong emphasis on environmental protection, host community engagement and compliance with regulatory standards.

The company assured Nigerians that updates would be provided as appraisal work progresses and more information becomes available on the scale and commercial viability of the discovery.

Nigeria, Africa’s largest oil producer, currently holds billions of barrels in proven crude oil reserves, with ongoing efforts by NNPC Ltd. aimed at expanding exploration beyond traditional oil-producing areas to unlock new energy opportunities across the country.