Oil reserves dip 0.74% to 37.01bn barrels as gas grows 2.21% — NUPRC

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•Oil to last another 59 years

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By Obas Esiedesa, Abuja

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Nigeria’s oil and condensate reserves recorded a marginal decline of 0.74 percent to 37.01 billion barrels as of January 1, 2026, while gas reserves rose by 2.21 percent, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

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In its official declaration of the national petroleum reserves position, the Commission’s Chief Executive, Oritsemeyiwa Eyesan, said total 2P crude oil and condensate reserves comprised 31.09 billion barrels of crude oil and 5.92 billion barrels of condensate.

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The Commission explained that the 0.74 percent decline from 37.28 billion barrels recorded as of January 1, 2025, was due to production activities during the year, as well as updated field performance data and technical evaluations from subsurface studies.

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Oil and condensate reserves had stood at 37.5 billion barrels as of January 1, 2024.

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In contrast, total gas reserves increased by 2.21 percent to 215.19 trillion cubic feet (TCF), with associated gas at 100.21 TCF and non-associated gas at 114.98 TCF. The growth, according to the Commission, was driven by new discoveries and improved reservoir studies.

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The reserves life index was put at 59 years for oil and 85 years for gas, underscoring a stronger long-term outlook for gas.

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Eyesan noted that the updates align with the Commission’s mandate under the Petroleum Industry Act, 2021, to grow reserves, enhance upstream performance, and ensure sustainable production.

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Meanwhile, oil and condensate production declined to 1.48 million barrels per day in February from 1.62 million barrels per day recorded in January. The 2026 budget, however, is benchmarked on a production target of 1.84 million barrels per day.

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