Nigeria oil and gas reserves update shows crude oil falling to 37.01bn barrels while natural gas rises to 215.19TCF, NUPRC confirms

Nigeria’s crude oil reserves have declined to 37.01 billion barrels, while its natural gas reserves have risen to 215.19 trillion cubic feet, according to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, signalling a gradual shift in the country’s hydrocarbon balance.

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The update, confirmed by the upstream regulator, reflects figures as of January 1, 2026, and underscores ongoing changes in reserve composition driven by production activity, technical reassessments and new discoveries.

The Commission Chief Executive, Oritsemeyiwa Eyesan, noted that the marginal 0.74 per cent decline in oil and condensate reserves was largely due to production in 2025, alongside revised evaluations based on subsurface data and field performance analysis.

In contrast, gas reserves recorded a 2.21 per cent increase, supported by new discoveries and improved reservoir assessments, reinforcing Nigeria’s growing emphasis on natural gas as a strategic energy resource.

For comparison, reserves as of January 1, 2025, stood at 37.28 billion barrels of oil and 210.54 trillion cubic feet of gas, indicating a slight decline in oil and a steady rise in gas over the one-year period.

The NUPRC disclosed that crude oil reserves currently comprise 31.09 billion barrels of crude oil and 5.92 billion barrels of condensate, bringing the total to 37.01 billion barrels.

Gas reserves are divided into 100.21 trillion cubic feet of associated gas and 114.98 trillion cubic feet of non-associated gas.

The Commission also placed Nigeria’s Reserves Life Index at 59 years for oil and 85 years for gas, suggesting the estimated duration the reserves could last at current production levels.

The update aligns with the provisions of the Petroleum Industry Act, PIA 2021, which mandates the regulator to oversee, monitor and publish periodic data on the nation’s hydrocarbon resources.

The NUPRC said the reserves update is part of broader efforts to enhance upstream sector efficiency, expand reserve growth and support sustainable production for economic development.

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The figures come at a time when Nigeria is increasingly prioritising natural gas as a transition fuel, balancing domestic energy needs with global shifts towards cleaner energy sources while maintaining revenue from its hydrocarbon sector.