By Ihechi Enyinnaya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially announced the country’s annual National Petroleum Reserves position, revealing robust figures for both oil and gas as of January 1, 2025.
According to the declaration signed by Engr. Gbenga Komolafe, Commission Chief Executive, Nigeria’s total 2P (proven and probable) crude oil and condensate reserves now stand at 37.28 billion barrels, comprising 31.44 billion barrels of crude oil and 5.84 billion barrels of condensate.
On the gas side, the nation boasts total 2P gas reserves of 210.54 trillion cubic feet (TCF), with 101.03 TCF of associated gas and 109.51 TCF of non-associated gas.
This latest update sets Nigeria’s Reserves Life Index at 64 years for oil and 93 years for gas, reinforcing the country’s long-term potential in the global energy landscape.
The declaration aligns with the Commission’s commitment under the Petroleum Industry Act (PIA) of 2021, and reflects strategic efforts outlined in the 2024 Regulatory Action Plan (RAP) to ensure sustainable growth in the upstream sector.
“This declaration is not just a statutory requirement but a reaffirmation of our resolve to drive efficiency, enhance reserves growth, and ensure shared prosperity through responsible resource management,” Engr. Komolafe stated.
The release underscores Nigeria’s strategic focus on energy security, investment attraction, and long-term development of its oil and gas resources.