The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced an updated national reserves position, revealing that the country’s crude oil reserves now stand at 37.28 billion barrels, while natural gas reserves have risen to 210.54 trillion cubic feet (tcf) as of January 1, 2025.
The figures were disclosed on Friday by the Commission Chief Executive, Engr. Gbenga Komolafe, during a briefing monitored by the News Agency of Nigeria (NAN).
According to Komolafe, the new reserves data includes 31.44 billion barrels of crude oil and 5.84 billion barrels of condensates, making up the total crude and condensate reserves. On the gas side, Nigeria’s reserves comprise 101.03 tcf of Associated Gas (found with crude oil) and 109.51 tcf of Non-Associated Gas (found independently).
Slight Drop in Oil, Marginal Gain in Gas Reserves
The newly released figures reflect a modest drop in crude oil reserves, which were previously estimated at 37.50 billion barrels in 2024. However, gas reserves showed a marginal increase from 209.26 tcf last year.
“This updated position is in line with the provisions of the Petroleum Industry Act (PIA) 2021 and reflects our commitment to accurate resource management through the Commission’s Regulatory Action Plan for 2024 and the Near Term,” Komolafe stated.
He further explained that the Reserves Life Index—an estimate of how long existing reserves will last at the current production rate—is 64 years for crude oil and 93 years for natural gas.
Implications and Government Targets
These figures arrive as the Nigerian government intensifies efforts to boost oil output and attract investment in the energy sector. President Bola Tinubu recently pledged to raise daily crude oil production from under 1.5 million barrels per day (bpd) to over 2 million bpd in 2025.
In a positive signal to the international oil market, Nigeria’s oil production exceeded its OPEC quota of 1.5 million bpd by 70,000 bpd in February, according to a Reuters survey released in March. This marks a key milestone for Africa’s largest oil producer amid ongoing reforms in the sector.
Additionally, data from the NUPRC’s Crude Oil and Condensate Production Report shows that Nigeria produced 566.79 million barrels of crude oil and condensates between January and December 2024.
Looking Ahead
Industry experts say the updated reserves data reinforces Nigeria’s strategic role in the global energy market and underscores the need for continued investment in upstream operations. With global demand for cleaner energy alternatives rising, stakeholders are also urging the government to fast-track gas monetization strategies to maximize value from its vast natural gas endowment.
The NUPRC has assured operators and investors of its commitment to a transparent and investor-friendly regulatory environment as the country continues its energy sector transformation under the Petroleum Industry Act.
