Nigeria’s crude oil reserves are expected to last for another 64 years, while its gas reserves could sustain the country for 93 years, according to new figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday.
In a statement signed by the Commission’s Chief Executive, Gbenga Komolafe, the official petroleum reserves as of 1 January 2025 show that Nigeria’s proven and probable (2P) crude oil and condensate reserves now total 37.28 billion barrels. This comprises 31.44 billion barrels of crude oil and 5.84 billion barrels of condensates.
In addition, the country’s associated and non-associated natural gas reserves have now reached 210.54 trillion cubic feet (TCF), reaffirming Nigeria’s position as one of Africa’s top energy resource holders.
Komolafe reaffirmed NUPRC’s commitment to increasing the nation’s reserves and enhancing oil and gas production, in line with the goals outlined in the Petroleum Industry Act (PIA) of 2021.
“The Reserves Life Index is 64 years for oil and 93 years for gas,” he stated, adding that the Commission remains focused on unlocking Nigeria’s full hydrocarbon potential through regulatory reforms and investment incentives.
