Nigeria’s crude oil and condensate reserves declined to 37.01 billion barrels as of January 1, 2026,
Gatekeepers News reports that Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported reported that it fell down from 37.28 billion barrels the previous year.
In a statement on Wednesday, the commission’s Chief Executive, Oritsemeyiwa Eyesan, said the slight reduction — about 0.74% — reflects production activities in 2025 and updates from field performance evaluations.
While oil reserves dipped, Nigeria’s gas reserves increased, rising to 215.19 trillion cubic feet (TCF) from 210.54 TCF in 2025, according to the regulator.
The NUPRC said the annual reserves position is part of its mandate to monitor and report on the nation’s upstream petroleum resources. The updated figures combine 31.09 billion barrels of crude oil and 5.92 billion barrels of condensates.
Industry analysts say changes in reserve estimates can result from ongoing production, technical re-evaluations of oil fields, and updated geological data, which can affect planning and investment decisions in the sector.
The latest data comes amid broader efforts to enhance Nigeria’s energy security and boost production, even as global oil markets remain volatile and demand patterns shift.
