By| Goodluck E.Adubazi | Abuja
Nigeria’s total petroleum reserves have reached 37.01 billion barrels of oil and condensate and 215.19 trillion cubic feet of gas, according to the official national reserves position released for January 1, 2026.
The announcement was made by the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, who reaffirmed the Commission’s commitment to strengthening upstream sector performance and sustaining long-term production growth under the framework of the Petroleum Industry Act (PIA) 2021.
According to the report, 2P crude oil reserves stand at 31.09 billion barrels, while condensate reserves are estimated at 5.92 billion barrels, bringing the combined total to 37.01 billion barrels.
On the gas front, associated gas reserves were recorded at 100.21 trillion cubic feet (TCF), while non-associated gas reserves reached 114.98 TCF, resulting in a total of 215.19 TCF.
The Commission also disclosed that Nigeria’s Reserves Life Index currently stands at 59 years for oil and 85 years for gas, indicating the projected duration the reserves could last at current production levels.
Officials attributed a 0.74 percent decline in oil and condensate reserves to production activities in 2025, as well as updated technical evaluations and field performance assessments. In contrast, gas reserves rose by 2.21 percent, driven largely by new discoveries and improved reservoir studies.
Mrs. Eyesan stated that the updated figures reflect ongoing efforts to grow reserves through strategic initiatives, enhanced subsurface studies, and improved operational efficiency across the upstream sector.
Invoking statutory powers under relevant provisions of the Petroleum Industry Act, the Commission formally declared the figures as Nigeria’s official National Petroleum Reserves Position as of January 1, 2026.
The release underscores the country’s continued reliance on its hydrocarbon resources as a cornerstone for economic stability and long-term energy planning.
