The Nigerian Upstream Petroleum Regulatory Commission has revealed the country’s official petroleum reserves, showing a total of 37.28 billion barrels of crude oil and condensate, as well as 210.54 trillion cubic feet of natural gas.
This was disclosed on Friday in a press release titled “The Declaration of Annual National Petroleum Reserves Position as of 1st January 2025,” issued by the Commission’s Chief Executive, Engr. Gbenga Komolafe.
According to the statement, Nigeria’s proven reserves include 31.44 billion barrels of crude oil and 5.84 billion barrels of condensate.
In the gas sector, the country’s total reserves amount to 210.54 trillion cubic feet, with 101.03 TCF from associated gas and 109.51 TCF from non-associated gas.
The statement noted, “Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025, as follows: 2P Crude Oil and Condensate reserves stands at 31.44 Billion Barrels and 5.84 Billion Barrels respectively, amounting to a total of 37.28 Billion Barrels
“2P Associated Gas and Non-Associated Gas reserves stand at 101.03 Trillion Cubic Feet and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF.”
Komolafe emphasized that this significant revelation, which has the potential to transform Nigeria’s economic future, aligns with the commission’s mandate under the Petroleum Industry Act 2021.
He reaffirmed NUPRC’s dedication to expanding the country’s hydrocarbon reserves, enhancing production, and ensuring long-term sustainability.
“The Reserves Life Index stands at 64 years for oil and 93 years for gas,” Komolafe declared, signalling that Nigeria has the potential to remain a dominant player in the global energy space for generations.
He noted that these figures are not merely a statistical update but a strong reaffirmation of the Commission’s 2024 Regulatory Action Plan, which focuses on increasing exploration, boosting upstream investment, and unlocking value from Nigeria’s vast energy resources.
The statement emphasized that enhancing the efficiency and effectiveness of the upstream oil and gas sector, growing the nation’s reserves, and driving sustainable production growth for shared prosperity remain key priorities in the 2024 Regulatory Action Plan and its near-term strategy.
“Given the above, and furtherance of Chapter 1, Part III, Section 7 (g), (i). (i). (k), (m). (a). (r), and other powers enabling me in this respect. I. Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the Total Oil and Condensate reserves of 37.28 Billion Barrels and Total Gas reserves of 210.54 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2025,” the statement added.
