Mkpoikana Udoma
Port Harcourt — Nigeria’s upstream regulator, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has officially declared the country’s petroleum reserves at 37.01 billion barrels of oil and condensate and 215.19 trillion cubic feet, TCF, of gas, reinforcing its long-term position as a major global energy player.
The announcement was made by the Commission Chief Executive, Oritsemeyiwa Eyesan, in the agency’s 2026 National Petroleum Reserves Position report.
“I hereby declare the Total Oil and Condensate reserves of 37.01 Billion Barrels and Total Gas reserves of 215.19 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2026,” Eyesan stated.
A breakdown of the figures shows that crude oil reserves stand at 31.09 billion barrels, while condensates account for 5.92 billion barrels. On the gas side, associated gas reserves were put at 100.21 TCF, with non-associated gas at 114.98 TCF.
The Commission emphasized that the reserves position reflects ongoing reforms under the Petroleum Industry Act and sustained upstream investment efforts.
“The Commission is committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity,” Eyesan said.
Despite a marginal 0.74 percent dip in oil and condensate reserves, attributed to 2025 production and updated field evaluations, gas reserves recorded a 2.21 percent increase, driven by new discoveries and improved reservoir studies.
“The reason for the increase is largely because reserves update is based on discoveries and the result of robust reservoir studies,” she explained.
The report also puts Nigeria’s Reserves Life Index at 59 years for oil and 85 years for gas, underscoring the country’s long-term supply outlook.
The strong gas reserves position could further boost Nigeria’s push to attract investment into gas development and expand its role in global energy transition markets.
