KEY POINTS
- Nigeria’s crude oil reserves declined slightly to 37.01 billion barrels due to production and technical updates.
- Crude oil and condensate reserves were estimated at 31.09 billion and 5.92 billion barrels respectively.
- Gas reserves rose to 215.19 trillion cubic feet, with reserve life estimated at 59 years for oil and 85 years for gas.
Nigeria’s crude oil reserves fell slightly to 37.01 billion barrels as of January 1, 2026, down from 37.28 billion barrels recorded a year earlier, according to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.
The NUPRC said the 0.74 percent decline in oil and condensate reserves reflects production during the year and adjustments from field performance and technical subsurface evaluations.
The NUPRC disclosed that crude oil reserves stood at 31.09 billion barrels, while condensate were estimated at 5.92 billion barrels, bringing total oil and condensate volumes to 37.01 billion barrels.
The announcement was contained in a statement issued by the commission’s chief executive, Oritsemeyiwa Eyesan, who confirmed the figures as Nigeria’s official petroleum reserves position as of January 1, 2026.
Gas reserves record increase
The commission reported that associated gas were 100.21 trillion cubic feet, while non-associated gas reserves stood at 114.98 trillion cubic feet. Combined gas reserves therefore reached 215.19 trillion cubic feet.
The increase of 2.21 percent in gas reserves was attributed to new discoveries and improved reservoir studies, according to the statement.
The regulator also said Nigeria’s reserves life index is estimated at 59 years for oil and 85 years for gas, indicating long-term production potential despite the slight drop in crude reserves.
The updated reserves position underscores the importance of continued exploration, improved field development, and investment in upstream activities to replenish produced volumes. Regulators and industry stakeholders have repeatedly stressed the need to convert prospective resources into proven reserves to sustain output.
The latest figures also highlight the growing importance of gas in Nigeria’s energy mix, as policymakers intensify efforts to position the country as a major gas-based economy while maintaining crude oil production capacity.
