Oil Reserves Dip to 37.01bn Barrels as Gas Reserves Surge 2.21% — NUPRC
Nigeria’s national petroleum reserves saw a split performance as of January 1, 2026, with oil and condensate reserves recording a marginal decline while gas reserves continued an upward trajectory.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) officially declared the national petroleum position on Friday, revealing that oil and condensate reserves now stand at 37.01 billion barrels, a 0.74% decrease from the 37.28 billion barrels recorded in 2025.
The Oil & Condensate Breakdown
NUPRC Chief Executive, Oritsemeyiwa Eyesan, detailed the composition of the total 2P (proven and probable) reserves:
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Crude Oil: 31.09 billion barrels
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Condensate: 5.92 billion barrels
The Commission attributed the slight dip to intense production activities throughout 2025, alongside updated technical evaluations and subsurface field performance data. For context, reserves had previously stood at 37.5 billion barrels in 2024.
Gas Reserves on the Rise
In a positive shift for Nigeria’s “Decade of Gas” ambition, total gas reserves grew by 2.21%, reaching 215.19 trillion cubic feet (TCF).
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Associated Gas: 100.21 TCF
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Non-Associated Gas: 114.98 TCF
This growth was driven by new discoveries and enhanced reservoir studies. Notably, the reserves life index—which estimates how long resources will last at current production levels—is now 59 years for oil and a robust 85 years for gas.
Production Shortfall Against 2026 Budget
Despite the reserve stability, current production faces challenges. Oil and condensate production dropped to 1.48 million barrels per day (bpd) in February, down from 1.62 million bpd in January.
This remains significantly below the 1.84 million bpd benchmark set in the 2026 Federal Budget, highlighting a gap that the NUPRC aims to bridge through the mandates of the Petroleum Industry Act (PIA) 2021.
