The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s total oil and gas reserves now stand at 37.28 billion barrels and 210.54 Trillion Cubic Feet (TCF), respectively.
In a press statement, the Commission’s Chief Executive, Engr. Gbenga Komolafe, disclosed that as of January 1, 2025, Nigeria’s crude oil reserves are estimated at 31.44 billion barrels, while condensate reserves stand at 5.84 billion barrels, bringing the total oil reserves to 37.28 billion barrels.
For natural gas, the reserves are comprised of 101.03 TCF of Associated Gas and 109.51 TCF of Non-Associated Gas, culminating in a total of 210.54 TCF.
Presenting an overview, Engr. Komolafe stated:
“As of January 1, 2025, the proven and probable reserves for crude oil and condensates are 31.44 billion barrels and 5.84 billion barrels respectively, totaling 37.28 billion barrels. Similarly, the 2P (proven and probable) reserves for Associated and Non-Associated Gas are 101.03 TCF and 109.51 TCF, respectively, summing up to 210.54 TCF.”
He further revealed that the Reserves Life Index stands at 64 years for oil and 93 years for gas.
Engr. Komolafe emphasized that the reserves reporting aligns with the Commission’s mandate under the Petroleum Industry Act (PIA) of 2021. He reiterated the NUPRC’s commitment to promoting efficiency and effectiveness in the upstream oil and gas sector, driving reserve growth, and ensuring a sustainable increase in production for shared national prosperity, as outlined in the Regulatory Action Plan (RAP) for 2024 and beyond.
