Nigeria’s total petroleum reserves stood at 37.01 billion barrels of oil and condensate and 215.19 trillion cubic feet (TCF) of gas as of January 1, 2026, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In a statement signed by the Commission Chief Executive, Oritsemeyiwa Eyesan, on Wednesday, the NUPRC said total gas reserves rose to 215.19 trillion cubic feet (TCF), from 210.54 TCF.
The breakdown shows that 2P (proven and probable) crude oil reserves stood at 31.09 billion barrels, while condensate reserves were put at 5.92 billion barrels, bringing the total to 37.01 billion barrels.
For gas, associated gas reserves were estimated at 100.21 TCF, while non-associated gas reserves stood at 114.98 TCF, resulting in a combined total of 215.19 TCF.
The Commission also disclosed that the Reserves Life Index, which estimates how long reserves would last at current production levels, stood at 59 years for oil and 85 years for gas.
“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),” Eyesan said in the statement.
According to the report, the slight 0.74 per cent decline in oil and condensate reserves compared to the previous year was largely due to production activities in 2025 and updated evaluations from field performance and subsurface studies.
Meanwhile, the 2.21 per cent increase in gas reserves was linked to new discoveries and improved reservoir studies.
In contrast, gas reserves recorded a 2.21 per cent increase, driven by new discoveries and improved reservoir evaluations.
Policy Drive Under PIA
The announcement aligns with the implementation of the Petroleum Industry Act, which aims to reposition Nigeria’s oil and gas industry through improved governance, transparency, and investment incentives.
The Federal Government has been pushing to increase crude oil production and attract investment into the upstream sector following years of underperformance and oil theft challenges.
It has also reiterated efforts to ramp up output to meet Organisation of the Petroleum Exporting Countries (OPEC) quotas, while also strengthening surveillance and regulatory frameworks across oil-producing regions.