Nigeria Records 0.74% Drop in Oil Reserves to 37.01bn Barrels, Gas Hits 215.19TCF

Peter Uzoho

Nigeria’s crude oil and condensates reserves have depleted by 0.74%, with the total figure as of Wednesday, January 1, 2026 standing at 37.01 billion barrels, down from the 37.28 billion barrels reported by the regulator on January 1, 2025.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the new petroleum reserves position in a statement issued Wednesday and signed by its Commission Chief Executive, Mrs Oritsemeyiwa Eyesan.

Howwver, the nation’s Associated and Non-Associated gas reserves recorded a major growth, rising to 215.19 trillion cubic feet (TCF), representing a 2.21 per cent increase from the 210TheTCF reported in 2025.

NUPRC said the release of the latest reserves position was in keeping with its mandate and commitment to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity via operationalisation of the Petroleum Industry Act, 2021 (PIA), and implementation of the strategic pillars of the Commission.

“In view of this, I am pleased to present to you an overview of the Nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1st, 2026, as follows:

“2P Crude Oil and Condensate reserves stand at 31.09 Billion Barrels and 5.92 Billion Barrels, respectively, amounting to a total of 37.01 Billion Barrels.

“2P Associated Gas (AG) and Non-Associated Gas (NAG) reserves stand at 100.21 Trillion Cubic Feet (TCF) and 114.98 TCF, respectively, resulting in total Gas reserves of 215.19 TCF”, Eyesan said.

On April 1, 2025. NUPRC under the immediate-past Commission Chief Executive, Mr. Gbenga Komolafe had
put Nigeria’s crude oil and condensate reserves at 31.44 billion barrels and 5.84 billion barrels, respectively, amounting to a total of 37.28 billion barrels.

The agency also reported then that Associated Gas and Non-Associated Gas reserves were at 101.03TCF and 109.51 TCF, respectively, resulting in total gas reserves of 210.54 TCF.

On the the Reserves Life Index, according to the latest oil and gas reserves update, Eyesan said 59 years is for oil while 85 years is for oil. This is against the 64 years and 93 years for oil and gas, respectively, as reported in the previous year’s announcement.

According to Eyesan, the reason for the slight change in January 1.2026 oil and condensate reserves by 0.74 per cent was attributable to production in 2025 and reserves update due to field performance and technical evaluation based on subsurface studies.

She added” The reason for the increase in 1.1.2026 AG and NAG reserves by 2.21 per cent is largely because reserves update is based on discoveries and the result of robust reservoir studies.

“Consequently, and in furtherance of the provisions of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r) and other powers enabling me in this
respect, I, Mrs. Oritsemeyiwa Eyesan, Commission Chief Executive, hereby declare the Total Oil and Condensate reserves of 37.01 Billion Barrels and Total Gas reserves of 215.19 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2026.”