Nigeria’s official oil and gas reserves have seen a major boost, reaching 37.28 billion barrels of crude oil and condensate, and 210.54 trillion cubic feet of natural gas, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The Commission’s Chief Executive, Engr. Gbenga Komolafe, made the announcement in a statement titled “The Declaration of Annual National Petroleum Reserves Position as of 1st January 2025.”
Updated Oil and Gas Reserve Breakdown
Komolafe stated that the country’s proven crude oil reserves now stand at 31.44 billion barrels, while condensate reserves add another 5.84 billion barrels. Together, they total 37.28 billion barrels.
In the gas sector, associated gas reserves are estimated at 101.03 trillion cubic feet, and non-associated gas stands at 109.51 trillion cubic feet. Combined, Nigeria’s gas reserves now reach 210.54 trillion cubic feet.
Long-Term Energy Supply
According to Komolafe, these figures suggest a reserves life of 64 years for oil and 93 years for gas, ensuring Nigeria’s presence in the global energy market for decades to come.
“This is not just an update. It’s a reaffirmation of our 2024 plan to grow reserves, attract investment, and improve exploration,” Komolafe explained.
Backed by Law and Strategy
The announcement aligns with the Petroleum Industry Act 2021, which empowers the NUPRC to provide annual updates on the country’s reserves. The agency aims to increase production and ensure the long-term sustainability of Nigeria’s energy resources.
Komolafe reaffirmed the Commission’s commitment to improving the upstream sector and ensuring that energy production benefits the entire country.
“These numbers reflect our push to make Nigeria a key energy supplier globally, while also ensuring local economic benefits,” he said.
Moving Forward
The updated reserves provide a clear signal to investors and stakeholders about Nigeria’s energy potential. As oil and gas remain central to the economy, the focus now turns to improving production efficiency and meeting rising energy needs.