By Seun Ibiyemi
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as of 1 January 2025.
The Commission also confirmed that Nigeria’s natural gas reserves had reached a substantial 210.54 trillion cubic feet (tcf), marking a slight increase from the previous year.
The Commission Chief Executive, Mr Gbenga Komolafe, disclosed these figures over the weekend, noting that oil and condensate reserves were measured at 31.44bb and 5.84bb respectively—bringing the cumulative figure to 37.28bb.
This figure compares with the 37.50bb of proven crude oil reserves and 209.26tcf of proven natural gas reserves reported in 2024, indicating a marginal dip in oil reserves and a corresponding rise in gas reserves.
Komolafe elaborated that Associated Gas and Non-Associated Gas reserves were estimated at 101.03tcf and 109.51tcf respectively, culminating in the total gas reserves figure of 210.54tcf.
He reiterated that the Commission remains firmly committed to its statutory obligations as outlined in the Petroleum Industry Act (PIA 2021), and that NUPRC continues to promote operational excellence and productivity across the upstream oil and gas sector.
According to him, the focus remains on building oil and gas reserves through strategic and sustainable growth, in line with the objectives of the Regulatory Action Plan for 2024 and the Commission’s broader near-term agenda.
“In keeping with our mandate and responsibilities, I’m pleased to share an overview of the country’s current oil, condensate, and gas reserves as at the start of the year,” Komolafe stated.
“The breakdown is as follows: crude oil and condensate reserves are 31.44 billion barrels and 5.84 billion barrels, respectively—making up a total of 37.28 billion barrels.
“Associated gas reserves are currently at 101.03 trillion cubic feet, while non-associated gas reserves stand at 109.51 trillion cubic feet, resulting in a combined total of 210.54 trillion cubic feet.”
He added that the Reserves Life Index (RLI)—a measure of how long existing reserves will last at current production rates—is currently estimated at 64 years for oil and 93 years for gas.
Reflecting on the importance of these reserves, Komolafe stressed that the official figures serve not just as technical data but as a benchmark for strategic planning, investment confidence, and long-term energy security.
“In line with Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r) and other enabling provisions of the PIA, I, Engr. Gbenga Komolafe, Chief Executive of the Commission, hereby confirm 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 of Nigeria as of 1 January 2025,” he declared.