April 01, (THEWILL) — Nigeria’s energy sector has received a major boost as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced strong and growing petroleum reserves, reinforcing confidence in the country’s long-term energy security and investment potential.
The Commission’s Chief Executive, Oritsemeyiwa Eyesan, disclosed on Wednesday that Nigeria’s crude oil and condensate reserves stood at a combined 37.01 billion barrels as of January 1, 2026. This includes 31.09 billion barrels of crude oil and 5.92 billion barrels of condensates, reflecting sustained upstream performance and effective resource management.
In the gas segment, the country recorded even more impressive growth, with total reserves rising to 215.19 trillion cubic feet (TCF). This comprises 100.21 TCF of Associated Gas (AG) and 114.98 TCF of Non-Associated Gas (NAG), underscoring Nigeria’s increasing prominence as a global gas powerhouse.
Eyesan explained that while oil and condensate reserves saw a marginal decline of 0.74 percent, this was largely due to production activities in 2025 and routine technical updates based on field performance and subsurface evaluations. On the other hand, gas reserves recorded a 2.21 percent increase, driven by new discoveries and enhanced reservoir studies—an encouraging sign for the country’s gas expansion strategy.
Providing further insight into sustainability, she noted that Nigeria’s Reserves Life Index stands at 59 years for oil and 85 years for gas, indicating strong long-term viability and stability in supply.
“I hereby declare the total oil and condensate reserves of 37.01 billion barrels and total gas reserves of 215.19 TCF as the official National Petroleum Reserves Position as of January 1, 2026”, Eyesan stated.
The NUPRC chief emphasised that the Commission remains committed to strengthening upstream operations, increasing reserves, and ensuring stable production levels for national prosperity. She attributed ongoing progress to the effective implementation of the Petroleum Industry Act 2021, which continues to drive reforms, attract investment, and enhance transparency in the sector.
Industry observers say the latest figures position Nigeria favourably in the global energy landscape, particularly as demand for cleaner fuels like natural gas continues to rise.
The steady growth in reserves is also expected to support government revenue, boost foreign exchange earnings, and create more opportunities across the energy value chain.
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