(3 Minutes Read)
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria’s total crude oil and condensate reserves stood at 37.28 billion barrels as of January 1, 2025. This reflects a slight reduction from the 37.50 billion barrels reported the previous year.
According to a statement from NUPRC CEO Gbenga Komolafe, these reserves include 31.44 billion barrels of crude oil and 5.84 billion barrels of condensate. While there was a small dip in crude oil reserves, natural gas reserves saw a modest rise.
As of the beginning of 2025, Nigeria’s natural gas reserves were recorded at 210.54 trillion cubic feet (tcf), up from 209.26 tcf in 2024. This includes 101.03 tcf of associated gas and 109.51 tcf of non-associated gas.
Komolafe emphasised the Commission’s commitment to growing the nation’s oil and gas reserves in line with the goals of the Petroleum Industry Act (PIA) of 2021. He highlighted that the NUPRC is dedicated to sustainable development and long-term production stability.
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The report also included the Reserves Life Index, which calculates how long the current reserves will last at present production levels. Nigeria’s oil reserves have an estimated life span of 64 years, while its gas reserves could last approximately 93 years. Komolafe concluded by affirming that these figures represent the official national petroleum reserves as of January 1, 2025.
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