Nigeria’s total petroleum reserves dropped slightly to 37.01 billion barrels of crude oil and condensate as of January 1, 2026, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), even as the country recorded a notable increase in gas reserves.
In a statement issued on Wednesday and signed by the Commission Chief Executive, Oritsemeyiwa Eyesan, the regulator disclosed that total gas reserves rose to 215.19 trillion cubic feet (TCF), up from 210.54 TCF recorded in the previous year.
A detailed breakdown of the figures shows that Nigeria’s 2P (proven and probable) crude oil reserves stood at 31.09 billion barrels, while condensate reserves accounted for 5.92 billion barrels, bringing the combined total to 37.01 billion barrels.
On the gas side, associated gas reserves were estimated at 100.21 TCF, while non-associated gas reserves stood at 114.98 TCF, culminating in a total of 215.19 TCF.
The commission also provided insight into the Reserves Life Index (RLI), which measures how long the country’s reserves can sustain production at current output levels. According to the report, Nigeria’s oil reserves have a projected lifespan of 59 years, while gas reserves are expected to last up to 85 years.
Eyesan reaffirmed the commission’s commitment to strengthening the upstream oil and gas sector, noting that efforts are ongoing to boost reserves, improve operational efficiency, and ensure stable production in line with national economic goals.
“The Commission, in keeping with its mandate, is committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity through the operationalisation of the Petroleum Industry Act, 2021,” she said.
The report indicated that the marginal 0.74 per cent decline in oil and condensate reserves was largely driven by production activities throughout 2025, as well as updated technical evaluations based on field performance and subsurface studies.
In contrast, the 2.21 per cent increase in gas reserves was attributed to new discoveries and improved reservoir assessments, reflecting growing momentum in Nigeria’s gas development strategy.
The latest figures come amid ongoing reforms under the Petroleum Industry Act (PIA), which seeks to reposition Nigeria’s oil and gas industry through enhanced governance, transparency, and improved investment frameworks.
The Federal Government has continued to push for increased crude oil production and renewed investor confidence in the upstream sector, particularly in response to longstanding challenges such as oil theft, pipeline vandalism, and declining output levels.
Authorities have also reiterated their commitment to meeting production targets set by the Organisation of the Petroleum Exporting Countries (OPEC), while strengthening surveillance systems and regulatory oversight across oil-producing regions.
The mixed outlook—declining oil reserves alongside rising gas potential—highlights Nigeria’s gradual shift toward gas as a critical pillar of its energy transition strategy and long-term economic sustainability.
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