The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s combined crude oil and condensate reserves stood at 37.28 billion barrels as of January 1, 2025, a slight decline from 37.50 billion barrels reported in 2024.
Crude Oil and Gas Reserves Update
According to a statement released on Friday by Gbenga Komolafe, the CEO of NUPRC, the nation’s oil and condensate reserves comprise 31.44 billion barrels of crude oil and 5.84 billion barrels of condensate, bringing the total to 37.28 billion barrels.
While Nigeria’s crude oil reserves saw a slight dip, its natural gas reserves experienced a modest increase. As of January 1, 2025, the nation’s total gas reserves stood at 210.54 trillion cubic feet (tcf), up from 209.26 tcf in 2024. This includes 101.03 tcf of associated gas and 109.51 tcf of non-associated gas.
Focus on Sustainable Growth
Komolafe emphasized that the commission remains committed to enhancing the country’s oil and gas reserves to support sustainable production growth, as outlined by the Petroleum Industry Act (PIA) of 2021.
He stated: “The NUPRC is focused on ensuring the continued development of our oil and gas resources, with a clear mandate to support long-term production and reserves growth.”
Reserves Life Index
The NUPRC’s report also noted the Reserves Life Index, which estimates the number of years remaining for the current reserves based on production rates. The index shows that Nigeria’s oil reserves have a life expectancy of 64 years, while its gas reserves are expected to last for 93 years.
Official National Reserves Position
In conclusion, Komolafe affirmed: “The total oil and condensate reserves of 37.28 billion barrels and total gas reserves of 210.54 trillion cubic feet represent the official national petroleum reserves position as of January 1, 2025.”
