The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially announced the nation’s updated petroleum reserves figures, revealing substantial growth in both crude oil and natural gas reserves. This update, provided in a press release from NUPRC, reports that as of January 1, 2025, Nigeria’s crude oil reserves stand at 37.28 billion barrels, while the nation’s natural gas reserves have surged to a total of 210.54 trillion cubic feet (TCF).
In a statement issued by the NUPRC’s Chief Executive Officer, Engr. Gbenga Komolafe, the breakdown of the reserves was provided. The country’s proven crude oil reserves include 31.44 billion barrels of oil and 5.84 billion barrels of condensate. Additionally, the gas reserves include 101.03 TCF of associated gas and 109.51 TCF of non-associated gas. The combined total of 210.54 TCF reflects a significant figure in terms of global energy resources.
“Against the foregoing, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2025, as follows: 2P Crude Oil and Condensate reserves stands at 31.44 Billion Barrels and 5.84 Billion Barrels respectively, amounting to a total of 37.28 Billion Barrels,” said Komolafe.
“The 2P Associated Gas and Non-Associated Gas reserves stand at 101.03 Trillion Cubic Feet and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF,” he continued.
Komolafe noted that these figures represent a clear demonstration of the country’s energy strength and strategic importance in the global market. He pointed out that the data supports NUPRC’s role in driving Nigeria’s energy future through sustainable management and expansion of its hydrocarbon resources. “The Reserves Life Index stands at 64 years for oil and 93 years for gas,” Komolafe declared, emphasizing that the country is well-positioned to continue playing a leading role in the global energy sector.
This declaration also aligns with NUPRC’s broader objectives as set out in the Petroleum Industry Act of 2021. Komolafe confirmed that the Commission is committed to expanding the nation’s reserves and boosting production in line with Nigeria’s long-term energy strategy. Furthermore, the Commission aims to enhance upstream investment and ensure that the energy sector remains sustainable for future generations.
The NUPRC’s plans for 2024 include ramping up exploration activities, improving operational efficiency, and unlocking additional value from Nigeria’s vast energy resources. “Given the above, and furtherance of Chapter 1, Part III, Section 7 (g), (i). (i). (k), (m). (a). (r), and other powers enabling me in this respect, I 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,” concluded Komolafe.
