JUST IN: CRUDE OIL RESERVES REACH 37BN BARRELS, GAS RISES TO 210.54TCF – NUPRC
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The Nigerian Upstream Petroleum Regulatory Commission has revealed the country’s current petroleum reserves, reporting a remarkable 37.28 billion barrels of crude oil and condensate, along with a staggering 210.54 trillion cubic feet of natural gas.
This announcement was made in a press release titled “The Declaration of Annual National Petroleum Reserves Position as of 1st January 2025,” issued on Friday by the Commission’s Chief Executive, Engr. Gbenga Komolafe.
The statement outlines that Nigeria’s proven (2P) crude oil and condensate reserves are now at 31.44 billion barrels and 5.84 billion barrels, respectively.
In the gas sector, associated gas reserves are recorded at 101.03 TCF, while non-associated gas reserves have reached 109.51 TCF, bringing the total to an impressive 210.54 TCF.
The statement noted, “Against the foregoing, 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 1st, 2025, as follows: 2P Crude Oil and Condensate reserves stands at 31.44 Billion Barrels and 5.84 Billion Barrels respectively, amounting to 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.”
According to Komolafe, the monumental revelation that could redefine Nigeria’s economic future, is in line with the commission’s mandate as stipulated in the Petroleum Industry Act 2021, reiterating NUPRC’s unwavering commitment to expanding Nigeria’s hydrocarbon base, boosting production, and ensuring long-term sustainability.
“The Reserves Life Index stands at 64 years for oil and 93 years for gas,” Komolafe declared, signalling that Nigeria has the potential to remain a dominant player in the global energy space for generations.
He added that the figures represent not just a statistical update but a bold reaffirmation of the Commission’s Regulatory Action Plan for 2024, which is aimed at ramping up exploration, enhancing upstream investment, and unlocking value from Nigeria’s vast energy resources.
It stated that boosting the efficiency and effectiveness of the upstream oil and gas sector, growing the nation’s reserves, and driving a sustainable rise in production for shared prosperity remain key priorities, as outlined in the 2024 Regulatory Action Plan and near-term strategy.
“Given the above, and furtherance of Chapter 1, Part III, Section 7 (g), (i). (i). (k), (m). (a). (r), and other powers enabling me in this respect. I. Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare 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 1st January 2025,” the statement concluded.
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