Nigeria’s oil reserves hit 37.28n barrels, gas reserves reach 210.54 TCF – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that the country’s total proven and probable (2P) crude oil, condensate, and gas reserves as at January 1, 2025, have been pegged at 37.28 billion barrels and 210.54 trillion cubic feet (TCF) respectively.

The figures, contained in a press release signed by the Commission Chief Executive (CCE), Engr. Gbenga Komolafe on Friday, provided an official snapshot of the nation’s petroleum reserves and highlighted progress in resource management under the Petroleum Industry Act (PIA) 2021.

A breakdown of the reserves shows that crude oil reserves stood at 31.44 billion barrels. Condensate reserves are estimated at 5.84 billion barrels, bringing the total oil and condensate reserves to 37.28 billion barrels.

In the gas segment, associated gas reserves were put at 101.03 TCF, while non-associated gas reserves totaled 109.51 TCF, culminating in a combined gas reserve of 210.54 TCF.

The Commission also reported that Nigeria’s Reserves Life Index, a key indicator of how long the reserves would last at current production levels, stands at 64 years for oil and 93 years for gas.

“Commission, in keeping with its m a n d a t e as enshrined in the Petroleum Industry Act, 2021 (PIA), is committed to driving the efficiency a n d effectiveness of the upstream oil &gas sector, enhancing the growth of oil and gas reserves and ensuring sustainable increase in oil &gas production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term (RAP).

“In view of the above, and in furtherance of Chapter ,1 Part IlI, Section 7 (g), (i), (il. (k), (m), (9). (r), and other powers enabling me in this respect, ,I Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the Total Oil and Condensate reserves of 37.28 Billion Barrels and Total Gas reserves of 210.54 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January, 2025,” the document added.