Crude oil reserves hit 37bn barrels, gas jumps to 210.54TCF – NUPRC

• Published On: 12 April 2025 at 06:35

The Nigerian Upstream Petroleum Regulatory Commission released the country's official petroleum reserves, which comprise 37.28 billion barrels of crude oil and condensate, as well as 210.54 trillion cubic feet of natural gas.

This was revealed on Friday in a press release headlined "The Declaration of Annual National Petroleum Reserves Position as of January 1, 2025," published by the Commission's Chief Executive, Engr. Gbenga Komolafe.

According to the announcement, Nigeria has proven reserves of 31.44 billion barrels of crude oil and 5.84 billion barrels of condensate.

In the gas sector, the country's total reserves are 210.54 trillion cubic feet, including 101.03 TCF from associated gas and 109.51 TCF from non-related gas.

The announcement read, "Against the foregoing, I am glad to give to you an overview of the Nation's oil, condensate, associated gas, and non-related gas reserves as of January 1st, 2025, as follows: 2P crude oil and condensate reserves are 31.44 billion barrels and 5.84 billion barrels, respectively, for a total of 37.28 billion barrels.

"2P Associated Gas and Non-Associated Gas reserves stand at 101.03 Trillion Cubic Feet and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF."

Komolafe emphasised that this momentous revelation, which has the potential to reshape Nigeria's economic future, is consistent with the commission's duty under the Petroleum Industry Act 2021.

He emphasised NUPRC's commitment to increasing the country's hydrocarbon reserves, improving output, and assuring long-term viability.

"The Reserves Life Index stands at 64 years for oil and 93 years for gas," Komolafe stated, indicating that Nigeria has the potential to be a dominant role in the global energy market for centuries.

He stated that these data are more than just a statistical update, but a powerful reaffirmation of the Commission's 2024 Regulatory Action Plan, which focusses on enhancing exploration, promoting upstream investment, and extracting value from Nigeria's huge oil resources.

The statement emphasised that improving the efficiency and effectiveness of the upstream oil and gas sector, increasing the nation's reserves, and driving sustainable production growth for shared prosperity are still top priority in the 2024 Regulatory Action Plan and its near-term strategy.

"Given the foregoing, and in accordance with Chapter 1, Part III, Sections 7 (g), (i). (i). (k), (m). (a). (r), and other powers empowering me in this regard. I. Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declares 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 as of January 1, 2025', the statement continued.