The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the nation’s crude oil reserves, including condensate, dropped to 37.28 billion barrels as of January 1, down from 37.50 billion barrels in 2024.
According to NAN, the commission said Nigeria’s gas reserves also hit 210.54 trillion cubic feet (tcf) during the same period, up from 209.26 tcf in 2024.
In a statement on Friday, Gbenga Komolafe, NUPRC’s chief executive officer (CEO), said oil and condensate reserves stood at 31.44 billion barrels and 5.84 billion barrels, respectively — amounting to 37.28 billion barrels.
Komolafe said the nation’s associated gas and non-associated gas reserves were 101.03 trillion cubic feet and 109.51 trillion cubic feet, respectively, as of January 1, resulting in a total of 210.54 trillion cubic feet.
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He said the commission remains committed to enhancing oil and gas reserves to ensure sustainable growth in production as mandated by the Petroleum Industry Act (PIA) 2021.
“Against the foregoing, I am pleased to present an overview of the nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025,” Komolafe said.
“Crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.
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“Associated Gas and Non-Associated Gas reserves stand at 101.03 trillion cubic feet and 109.51 trillion cubic feet respectively, resulting in total gas reserves of 210.54 trillion cubic feet. The Reserves Life Index is 64 years for oil and 93 years for gas.”
Therefore, Komolafe declared “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 January 1, 2025”.
