Nigeria’s oil reserves drop to 37.01bn barrels

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that crude oil and condensate reserves stand at 31.09 billion barrels and 5.92 billion barrels, respectively, amounting to 37.01 billion barrels.

The NUPRC Chief Executive, Oritsemeyiwa Eyesan, disclosed this on Wednesday while presenting an overview of the nation’s oil, condensate, associated gas and non-associated gas reserves as of January 1, 2026.

Eyesan said the Associated Gas (AG) and Non-Associated Gas (NAG) reserves stood at 100.21 Trillion Cubic Feet (TCF) and 114.98 TCF, respectively, resulting in total gas reserves of 215.19 TCF.

She stated: “The Reserves Life Index is 59 years and 85 years for oil and gas, respectively.

“The reason for the slight change in 1.1.2026 oil and condensate reserves by 0.74 per cent is attributable to production in 2025 and reserves update due to field performance and technical evaluation based on subsurface studies.

Fuel prices soar across Africa as Iran war hits global oil supply

“The reason for the increase in 1.1.2026 AG and NAG reserves by 2.21 per cent is largely because reserves update is based on discoveries and the result of robust reservoir studies.

“I, Mrs Oritsemeyiwa Eyesan, Commission Chief Executive, hereby declare the total oil and condensate reserves of 37.01 billion barrels and total gas reserves of 215.19 as the official National Petroleum Reserves Position as of January 1, 2026.”

Eyesan said the commission, in keeping with its mandate, was committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity.

This, the NUPRC boss said, was via operationalisation of the Petroleum Industry Act, 2021, and implementation of the strategic pillars of the commission.

The Star