Nigeria’s oil, condensate reserves hit 37bn barrels - NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria currently hosts a total of 37.01 billion barrels of oil and condensate in reserves.

In a press statement signed by the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, the Commission underscored its commitment to the Petroleum Industry Act (PIA) 2021 as the primary driver for boosting upstream performance and ensuring shared prosperity through stable production.

The official figures, recorded as of January 1, 2026, show a resilient reserves position despite a year of active production.

While the liquid reserves saw a marginal decline of 0.74% due to 2025 production levels and updated technical evaluations, the natural gas sector reported significant growth. Total gas reserves climbed to 215.19 trillion cubic feet, representing a 2.21% increase driven by fresh discoveries and comprehensive reservoir studies.

The Commission also reported a 0.74% decrease in oil and condensate reserves compared to previous figures.

This marginal dip was attributed to standard production activities throughout 2025, alongside technical evaluations and subsurface studies that updated field performance data.

In contrast, Nigeria’s gas potential continues to expand. Total gas reserves saw an increase of 2.21%. Mrs. Eyesan attributed this growth to new discoveries and the implementation of robust reservoir studies that have provided a clearer picture of the nation's untapped NAG and AG potential.

"The Commission is committed to improving upstream sector performance and enhancing the growth of oil and gas reserves," the statement read.