Nigeria Announces National Petroleum Reserves With Oil At 37.28 Billion Barrels, Gas Reaches 210.54 Trillion Cubic Feet

By Azu Ogbokiri*

The Nigerian government has officially declared the country’s petroleum reserves as of January 1, 2025.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced a total crude oil and condensate reserve of 37.28 billion barrels, with total petrol reserves of 210.54 trillion cubic feet.

Engr. Gbenga Olu Komolafe, Chief Executive of the NUPRC, issued the official figures in a signed statement, highlighting a minor change from the figures reported on January 1, 2024.

Previously, figures were 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of petrol.

According to the NUPRC, the reserve breakdown is as follows:

• 2P Crude Oil Reserves: 31.44 billion barrels.
  2P Condensate Reserves: 5.84 billion barrels.
  2P associated gas reserves: 101.03 trillion cubic feet (TCF).
  2P Non-associated Gas Reserves: 109.51 trillion cubic feet (TCF).

The Commission also stated that the Reserves Life Index is 64 years for oil and 93 years for gas.

“In accordance with its mandate as enshrined in the Petroleum Industry Act, 2021 (PIA), the Commission is committed to driving the efficiency and effectiveness of the upstream oil and gas sector, enhancing the growth of oil and gas reserves, and ensuring a sustainable increase in oil and gas production for shared prosperity,” Engr. Komolafe stated.

He emphasised the importance of these reserves for Nigeria’s economic planning and energy security, in line with the Regulatory Action Plan for 2024 and the Near Term (RAP).

The announcement emphasises the NUPRC’s continued role in managing Nigeria’s vast energy resources within the framework of the PIA.

This declaration, in accordance with the relevant sections of the PIA, officially designates the released figures as Nigeria’s National Petroleum Reserves as of January 1, 2025.