Nigeria’s Oil Reserves Stand at 37.28 Billion Barrels, Gas Hits 210.54 TCF – NUPRC
Latest Figures Show Slight Decline in Oil Reserves but Growth in Gas Reserves
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s crude oil reserves stood at 37.28 billion barrels (bb) as of January 1, 2025. The commission also reported that Nigeria’s gas reserves reached 210.54 trillion cubic feet (tcf) during the same period.
Breakdown of Nigeria’s Energy Reserves
Gbenga Komolafe, Chief Executive of NUPRC, revealed that oil reserves accounted for 31.44bb while condensate reserves stood at 5.84bb, combining for the total 37.28bb figure. This represents a slight decrease from the 37.50bb of proven crude oil reserves recorded in 2024.
For gas reserves, the breakdown shows:
- Associated Gas: 101.03 tcf
- Non-Associated Gas: 109.51 tcf
The total gas reserves of 210.54 tcf mark an increase from the 209.26 tcf recorded in 2024, according to data from the News Agency of Nigeria (NAN).
Reserves Life Index and Regulatory Commitment
Komolafe highlighted that Nigeria’s Reserves Life Index stands at:
- 64 years for oil
- 93 years for gas
The NUPRC chief emphasized the commission’s commitment to enhancing efficiency in Nigeria’s upstream oil and gas sector, in line with the Petroleum Industry Act (PIA 2021). He stated the regulatory body would focus on growing reserves to ensure sustainable production increases.
“I hereby declare the total oil and condensate reserves of 37.28bb and total gas reserves of 210.54 tcf as the official National Petroleum Reserves Position as of Jan. 1, 2025,” Komolafe officially announced.
The data comes as Nigeria continues to implement reforms in its energy sector to boost production and attract investment in both oil and gas resources.
Source: News Agency of Nigeria (NAN)