The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant update on Nigeria’s hydrocarbon reserves, revealing that the country’s crude oil and condensate reserves now stand at a combined total of 37.28 billion barrels. This figure includes 31.44 billion barrels of crude oil and 5.84 billion barrels of condensate. Additionally, Nigeria’s natural gas reserves have reached an impressive 210.54 trillion cubic feet, comprising 101.03 trillion cubic feet of associated gas and 109.51 trillion cubic feet of non-associated gas.
This update, announced by NUPRC’s Chief Executive, Engr. Gbenga Komolafe, reflects the Commission’s commitment to transparency and resource optimization under the Petroleum Industry Act (PIA) 2021. The reserves are projected to last 64 years for crude oil and 93 years for natural gas, based on current production levels. This strategic milestone positions Nigeria as a long-term player in the global energy sector, offering a robust foundation for future economic growth and energy security.
The NUPRC remains focused on deepening exploration activities, attracting new investments, and driving sustainable development of Nigeria’s oil and gas assets. The Commission is working closely with industry stakeholders to translate these reserves into tangible production growth, infrastructure development, and economic benefits for the Nigerian people. This announcement is seen as a confidence boost for both local and international investors, highlighting Nigeria’s critical role in the global energy supply chain.
