The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially declared the country’s petroleum reserves as of January 1, 2025, revealing 37.28 billion barrels of crude oil and condensate, along with 210.54 trillion cubic feet (TCF) of natural gas.
The announcement was made in a press release titled “The Declaration of Annual National Petroleum Reserves Position as of 1st January 2025”, issued by the Commission Chief Executive, Engr. Gbenga Komolafe.
According to the data:
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Crude oil reserves (2P) stand at 31.44 billion barrels
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Condensate reserves are 5.84 billion barrels
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Associated gas reserves are 101.03 TCF
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Non-associated gas reserves stand at 109.51 TCF, bringing total gas reserves to 210.54 TCF
Komolafe highlighted the significance of the reserves update, noting that it reflects Nigeria’s continued strength in global energy markets and aligns with the Commission’s mandate under the Petroleum Industry Act (PIA) 2021.
He stated, “This declaration is not just a statistical update, but a reaffirmation of our commitment to expanding Nigeria’s hydrocarbon base, boosting production, and ensuring long-term energy sustainability.”
He also revealed that the Reserves Life Index—the estimated number of years the reserves can last at current production levels—stands at 64 years for oil and 93 years for gas, underscoring Nigeria’s long-term potential as a global energy player.
The reserve figures, Komolafe added, reinforce the Commission’s 2024 Regulatory Action Plan, which prioritizes:
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Increased exploration activities
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Attracting upstream investment
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Enhancing value from Nigeria’s vast hydrocarbon resources
He concluded by formally declaring the official national reserves:
I. Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the Total Oil and Condensate reserves of 37.28 Billion Barrels and Total Gas reserves of 210.54 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2025,” the statement concluded.