Nigeria’s Oil and Gas Reserves Update: 37.28 Billion Barrels of Oil, 210.54 TCF of Gas – NUPRC
Nigeria’s energy sector remains a critical pillar of the nation’s economy, and recent data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reaffirms the country’s strong position in the global oil and gas landscape.
As of January 1, 2025, Nigeria’s crude oil reserves have been pegged at 37.28 billion barrels, while natural gas reserves have grown to a remarkable 210.54 trillion cubic feet (TCF).
A Breakdown of the Reserves
According to the NUPRC’s Chief Executive, Engr. Gbenga Komolafe, the total oil reserves consist of:
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31.44 billion barrels of crude oil
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5.84 billion barrels of condensates
On the gas side, Nigeria’s reserves are made up of:
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101.03 TCF of Associated Gas
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109.51 TCF of Non-Associated Gas
This totals 210.54 TCF in combined gas reserves—an increase from the 209.26 TCF recorded in 2024.
Long-Term Viability: Reserve Life Index
Engr. Komolafe also noted that:
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The Reserves Life Index stands at 64 years for oil
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And 93 years for gas
This essentially means that at the current production levels, Nigeria’s oil and gas can last for several more decades—highlighting long-term sustainability if properly managed.
Regulatory Commitment to Growth
In line with the Petroleum Industry Act (PIA) 2021, the NUPRC has reiterated its dedication to enhancing operational efficiency and boosting reserves. The goal? To drive sustainable growth and ensure broader economic benefits for all Nigerians.
“We are fully committed to growing Nigeria’s reserves and ramping up production to support economic development and energy security,” said Engr. Komolafe.
He emphasized that this official update reflects the commission’s ongoing efforts outlined in its 2024 Regulatory Action Plan, aiming for robust sectoral reforms and shared prosperity.
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Conclusion
This update on Nigeria’s oil and gas reserves is a strong signal of stability in the upstream sector. With over six decades of oil and nearly a century of gas reserves, Nigeria remains a key energy player in Africa and beyond. As regulatory frameworks continue to evolve under the PIA, the focus remains on responsible resource management and increased production.
