According to Komolafe, Nigeria’s proven (2P) crude oil reserves now stand at 31.44 billion barrels, with an additional 5.84 billion barrels in condensate reserves. On the gas side, the country holds 101.03 TCF in associated gas and 109.51 TCF in non-associated gas, bringing the total gas reserves to an impressive 210.54 TCF.
Abuja, Nigeria – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant increase in the country’s hydrocarbon reserves, pegging crude oil and condensate volumes at 37.28 billion barrels, while total natural gas reserves have reached 210.54 trillion cubic feet (TCF).
The new figures were disclosed on Friday by the Commission’s Chief Executive, Engr. Gbenga Komolafe, in a statement titled “The Declaration of Annual National Petroleum Reserves Position as of 1st January 2025.”
According to Komolafe, Nigeria’s proven (2P) crude oil reserves now stand at 31.44 billion barrels, with an additional 5.84 billion barrels in condensate reserves. On the gas side, the country holds 101.03 TCF in associated gas and 109.51 TCF in non-associated gas, bringing the total gas reserves to an impressive 210.54 TCF.
“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 1, 2025,” Komolafe said. “These figures represent not only statistical data but also a strategic benchmark reflecting Nigeria’s energy potential.”
He noted that the reserves position aligns with the Commission’s core responsibilities under the Petroleum Industry Act (PIA) 2021 and forms part of NUPRC’s broader objective to expand Nigeria’s hydrocarbon footprint, enhance production capacity, and ensure long-term sectoral sustainability.
Highlighting Nigeria’s potential to remain a key global energy player, Komolafe revealed that the Reserves Life Index currently stands at 64 years for oil and 93 years for gas. This, he said, positions the country for energy security and export relevance well into the future.
The announcement also underscores the Commission’s 2024 Regulatory Action Plan, which prioritizes upstream investment, exploration expansion, and value creation across Nigeria’s oil and gas sector.
“The Commission remains committed to improving efficiency in the upstream petroleum industry, boosting the nation’s reserves, and driving sustainable growth in production for the collective prosperity of all stakeholders,” Komolafe added.
He affirmed that the declared reserves now represent the official national petroleum position as of January 1, 2025, based on the Commission’s statutory powers and strategic mandate.
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