Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a decline in the country’s crude oil reserves, including condensate, which have dropped to 37.28 billion barrels as of January 1, down from 37.50 billion barrels in the previous year, 2024.
Gatekeepers News reports that conversely, Nigeria’s gas reserves have shown an increase, reaching 210.54 trillion cubic feet (tcf) during the same reporting period, up from 209.26 tcf in 2024.
In a statement made on Friday, Gbenga Komolafe, the CEO of NUPRC, detailed that the oil and condensate reserves are now divided into 31.44 billion barrels of oil and 5.84 billion barrels of condensate, totaling 37.28 billion barrels.
Komolafe further indicated that as of January 1, the reserves for associated gas and non-associated gas were recorded at 101.03 trillion cubic feet and 109.51 trillion cubic feet, respectively, contributing to the overall gas reserves of 210.54 trillion cubic feet.
The NUPRC emphasizes its commitment to enhancing oil and gas reserves to ensure sustainable production growth, in alignment with the mandates of the Petroleum Industry Act (PIA) 2021.
“Against the foregoing, I am pleased to present an overview of the nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025,” Komolafe said.
“Crude oil and condensate reserves stand at 31.44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.
“Associated Gas and Non-Associated Gas reserves stand at 101.03 trillion cubic feet and 109.51 trillion cubic feet respectively, resulting in total gas reserves of 210.54 trillion cubic feet. The Reserves Life Index is 64 years for oil and 93 years for gas.”
Therefore, Komolafe declared “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”.
