Nigeria’s oil, gas reserves hit 37bn barrels, 215 TCF

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria’s total oil and condensate reserves stood at 37.01 billion barrels as of 1 January 2026, while gas reserves rose to 215.19 trillion cubic feet (TCF).

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The figures were disclosed in a statement issued on Wednesday and signed by the commission’s Chief Executive, Oritsemeyiwa Eyesan.

According to the declaration, made in line with the Petroleum Industry Act (PIA) 2021, crude oil reserves were estimated at 31.09 billion barrels, while condensate reserves stood at 5.92 billion barrels.

For gas, associated gas reserves were put at 100.21 TCF, while non-associated gas reserves stood at 114.98 TCF.

The commission also placed the reserves life index at 59 years for oil and 85 years for gas, indicating how long the resources could last at current production levels.

Mrs Eyesan said oil and condensate reserves recorded a marginal decline of 0.74 per cent compared to the previous year, attributing the drop to 2025 production and updates based on field performance and subsurface technical evaluations.

In contrast, gas reserves increased by 2.21 per cent, largely driven by discoveries and improved reservoir studies.

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She said the latest figures reflect the commission’s efforts to enhance upstream sector performance, boost reserves growth, and ensure stable production in line with its mandate.

“Consequently… I hereby declare the Total Oil and Condensate reserves of 37.01 billion barrels and Total Gas reserves of 215.19 trillion cubic feet as the official National Petroleum Reserves Position as of 1st January 2026,” Mrs Eyesan said.

She added that the declaration was made pursuant to provisions of the PIA, which empower the commission to monitor and manage Nigeria’s petroleum resources.

The update comes amid ongoing reforms in the oil and gas sector aimed at improving efficiency, transparency, and long-term sustainability.

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In recent months, the federal government has intensified efforts to attract both local and foreign investment to boost revenue and support economic growth.

Last month, President Bola Tinubu approved a targeted fiscal incentive package to unlock the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater project.

The approval followed a visit by top executives of Shell Plc to the president in Abuja and comes amid rising global oil prices driven by supply disruptions linked to ongoing geopolitical tensions.

During the January visit, Shell signalled a renewed investment push in Nigeria, citing improved political stability, policy consistency, and leadership as key factors.

At the time, Shell’s Chief Executive Officer, Wael Sawan, said: “We are very keen to invest in Nigeria, but I would say this has not always been the case.”