Nigeria’s govt says the nation’s oil Reserve can still last for the next 59 years while the gas can serve for 85 years.
The Nigerian Upream Petroleum Regulatory Commission (NUPRC) confirmed this in its latest update estimated the nation’s 2P Crude Oil and Condensate reserves at 37.01 Billion Barrels as at January 2026, reports Daily Independent.
Its Chief Executive, NUPRC, Oritsemeyiwa Eyesan, in a statement, said 2P Crude Oil and Condensate reserves stand at 31.09 Billion Barrels and 5.92 Billion Barrels, respectively, amounting to a total of 37.01 Billion Barrels.
The 2P Associated Gas (AG) and Non-Associated Gas (NAG) reserves stand at 100.21 Trillion Cubic Feet (TCF) and 114.98 TCF, respectively, resulting in total Gas reserves of 215.19 TCF.
“The Reserves Life Index is 59 Years and 85 Years for Oil and Gas, respectively, she stated.
She added: “The reason for slight change in oil and condensate reserves by 0.74% is attributable to production in 2025 and reserves update due to field performance and technical evaluation based on subsurface studies.
“The reason for the increase in 1.1.2026 AG and NAG reserves by 2.21% is largely because reserves update is based on discoveries and the result of robust reservoir studies.”
She said the Commission in keeping with its mandate, is committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity via operationalisation of the Petroleum Industry Act, 2021 (PIA), and implementation of the strategic pillars of the Commission.
“Consequently, and in furtherance of the provisions of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r) and other powers enabling me in this respect, I, Mrs. Oritsemeyiwa Eyesan, Commission Chief Executive, 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” she declared.
