Abuja, April 2, 2026 – Nigeria has recorded a 0.74% drop in its oil reserves as of Jan. 1, 2026, while its gas resources has expanded.
Mrs. Oritsemeyiwa Eyesan, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), disclosed this in a media statement released by the commission, dated April 1, 2026.
She said the country’s oil and condensate reserves stood at 37.01 billion barrels, while total gas reserves stood at 215.19 trillion cubic feet as of Jan. 1,, 2026.
The NUPRC boss attributed the drop in oil and condensate reserves by 0.74% 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 gave further details, saying 2P Crude Oil and Condensate reserves stood at 09 billion barrels and 5.92 billion barrels, respectively, amounting to a total of 37.01 billion barrels
“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 said.
Eyesan promised that the commission 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
