Nigerians oil reserve can still last for 59 years while the gas can serve the country for 85 years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said.
Disclosing this in its current update, Commission Chief Executive, NUPRC, Oritsemeyiwa Eyesan, said as at January 1, this year, 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.
The 2P Associated Gas (AG) and Non-Associated Gas (NAG) reserves, she said, stood at 100.21 Trillion Cubic Feet (TCF) and 114.98 TCF, respectively, resulting in total gas reserves of 215.19 TCF.
She disclosed that the Reserves Life Index is 59 Years and 85 Years for Oil and Gas, respectively.
She attributed the slight change in oil and condensate reserves by 0.74% is attributable to production in 2025 and reserves update due to field performance and technical evaluation based on subsurface studies.
According to her, the reason for the increase in 1.1.2026 AG and NAG reserves by 2.21% is largely because reserves update is based on discoveries and the result of robust reservoir studies.
She expressed her agency’s 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.
