The Nigerian Upstream Petroleum Regulatory Commission has officially declared the nation’s petroleum reserves as of January 1, 2025, revealing 37.28 billion barrels of crude oil and condensate, and 210.54 trillion cubic feet (TCF) of natural gas.
In a press release issued Friday, April 11, and signed by the Commission Chief Executive, Engr. Gbenga Komolafe, the agency stated that Nigeria’s proven (2P) crude oil and condensate reserves now stand at 31.44 billion and 5.84 billion barrels respectively.
According to the statement titled “The Declaration of Annual National Petroleum Reserves Position as of 1st January 2025”, associated gas reserves are pegged at 101.03 TCF, while non-associated gas reserves stand at 109.51 TCF.
“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,” Komolafe said.
“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.”
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He noted that the figures reflect the commission’s mandate under the Petroleum Industry Act 2021 and reaffirm NUPRC’s focus on expanding Nigeria’s hydrocarbon base, boosting production, and ensuring long-term sustainability.
“The Reserves Life Index stands at 64 years for oil and 93 years for gas,” Komolafe declared, indicating that Nigeria holds the potential to remain a dominant global energy player for decades to come.
The CCE described the reserve figures as more than a statistical update, calling them “a bold reaffirmation of the Commission’s Regulatory Action Plan for 2024,” which targets increased exploration, upstream investment, and resource optimisation.
He added that improving efficiency, growing national reserves, and achieving a sustainable rise in production “remain key priorities” under the commission’s 2024 strategy.
“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, 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,” he concluded.