Nigeria’s proven oil reserves recorded a slight dip to 37.01 billion barrels as of January 1, 2026, while gas reserves rose significantly to 215.19 trillion cubic feet (TCF), according to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In a statement issued on Wednesday, the Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed that crude oil reserves stood at 31.09 billion barrels, while condensate accounted for 5.92 billion barrels, bringing total oil and condensate reserves to 37.01 billion barrels.
On the gas front, associated gas reserves were put at 100.21 TCF, while non-associated gas rose to 114.98 TCF, lifting total gas reserves to 215.19 TCF.
The report also showed that Nigeria’s reserves life index stands at 59 years for oil and 85 years for gas, based on current production levels.
NUPRC attributed the marginal 0.74 per cent decline in oil reserves to 2025 production activities, as well as adjustments from field performance reviews and updated technical evaluations.
In contrast, gas reserves grew by 2.21 per cent, driven by fresh discoveries and improved reservoir assessments, highlighting ongoing efforts to expand the country’s gas resource base.
Eyesan noted that the figures reflect the Commission’s mandate under the Petroleum Industry Act (PIA) 2021 to boost upstream performance, grow hydrocarbon reserves, and ensure sustainable production.
She formally declared the figures as Nigeria’s official petroleum reserves position as of January 1, 2026.
The latest data underscores the country’s continued dependence on hydrocarbons, while signaling a gradual strategic shift toward gas development to enhance energy security and drive long-term economic growth.
