Nigeria’s Crude Oil Reserves Hit 37.28 Billion Barrels, Gas Reserves Reach 210.54 Trillion Cubic Feet

Nigeria’s Crude Oil Reserves Hit 37.28 Billion Barrels, Gas Reserves Reach 210.54 Trillion Cubic Feet – NUPRC

ABUJA, Nigeria — The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially announced that Nigeria’s proven crude oil reserves now stand at 37.28 billion barrels, while its natural gas reserves have reached 210.54 trillion cubic feet (tcf) as of January 1, 2025.

This disclosure was made by the Commission Chief Executive, Engr. Gbenga Komolafe, during a press briefing on Friday, as reported by the News Agency of Nigeria (NAN).

Updated Breakdown of Nigeria’s National Petroleum Reserves – 2025

According to Komolafe, the latest reserves data includes:

Crude Oil: 31.44 billion barrels
Condensates: 5.84 billion barrels
Total Crude Oil + Condensates: 37.28 billion barrels

On the gas front:

Associated Gas (AG): 101.03 trillion cubic feet
Non-Associated Gas (NAG): 109.51 trillion cubic feet
Total Natural Gas Reserves: 210.54 trillion cubic feet

Comparison with Previous Year

The newly released figures show a slight decline in crude oil reserves, down from 37.50 billion barrels in 2024, while gas reserves recorded a modest increase, up from 209.26 trillion cubic feet in the same period.

Komolafe attributed this update to Nigeria’s ongoing alignment with the Petroleum Industry Act (PIA) 2021 and the commission’s Regulatory Action Plan for 2024 and the Near Term.

Reserve Life Index (RLI) Suggests Long-Term Sustainability

Providing deeper insights, the NUPRC boss stated that based on current production levels:

Oil Reserve Life Index: 64 years
Gas Reserve Life Index: 93 years

This Reserve Life Index is a critical indicator of how long Nigeria's hydrocarbon resources are expected to last, assuming production remains at current levels.

NUPRC Affirms Official National Reserve Status

“These figures represent the updated national petroleum reserves of Nigeria as at January 1, 2025,” Komolafe emphasized, stressing their authenticity and compliance with international reporting standards.

He noted that the commission remains focused on sustaining reserve growth and boosting production through proactive regulatory oversight and investor-friendly policies.

Strategic National Goals: Increasing Daily Production

This announcement follows President Bola Tinubu’s pledge to increase Nigeria’s crude oil production capacity to over 2 million barrels per day (bpd) in 2025—up from the current level below 1.5 million bpd.

In March, Nigeria's oil output exceeded its OPEC quota of 1.5 million bpd by 70,000 barrels, reaching approximately 1.57 million bpd, according to a Reuters survey.

2024 Full-Year Production Figures

According to NUPRC’s Crude Oil and Condensate Production Report for 2024, Nigeria produced a total of:

566,794,493 barrels of crude oil and condensate
Between January and December 2024

This figure reflects the nation’s persistent efforts to ramp up production, combat oil theft, and optimize output amid global market fluctuations.

Key Takeaways for Industry Stakeholders

Nigeria remains a major player in the global hydrocarbon market, with proven reserves that ensure long-term energy security and economic relevance.
The country’s gas reserves present a significant opportunity for domestic energy transition, especially as global focus shifts toward cleaner energy.
Efforts to enhance reserves and increase daily production volumes are aligned with national economic diversification and revenue generation goals.

Stay tuned for further updates from the Nigerian Upstream Petroleum Regulatory Commission and developments in the oil and gas sector.