NUPRC Declares 37.01bn Barrels, 215 TCF Oil, Gas Reserves As Of Jan 1

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

The commission’s chief executive, Oritsemeyiwa Eyesan, made the announcement on Wednesday, highlighting the NUPRC’s mandate under the Petroleum Industry Act (PIA) 2021 to enhance upstream performance, grow reserves, and ensure stable production for national prosperity.

Giving a breakdown of the 2P (proved and probable) reserves, Eyesan noted that crude oil reserves stood at 31.09 billion barrels, with condensate at 5.92 billion barrels, while associated gas reserves stood at 100.21 TCF, and non-associated gas at 114.98 TCF.

The oil and condensate total reflects a slight 0.74 per cent decline from last year, driven by 2025 production and updated technical evaluations from field performance and subsurface studies. In contrast, gas reserves increased by 2.21 per cent fueled by new discoveries and detailed reservoir analyses.

These updates yield a reserves life index of 59 years for oil and 85 years for gas, signalling sustained energy security.

The declaration invokes PIA provisions in Chapter 1, Part III, Section 7, reinforcing NUPRC’s strategic pillars for sector growth and investment appeal.

Eyesan emphasised the Commission’s commitment to its strategic pillars, including reserve growth and stable production, in line with PIA provisions under Chapter 1, Part III, Section 7.

“This declaration positions us for enhanced upstream efficiency and economic benefits,” she stated.

The updates come as Nigeria pushes to attract investment in its oil and gas sector, with reserves data critical for licensing rounds and fiscal planning.