Nigeria’s Oil Reserves Reach 37.28 Billion Barrels, Gas Reserves Hit 210.54 tcf
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Nigeria’s crude oil reserves now stand at 37.28 billion barrels and its gas reserves hit 210.54 trillion cubic feet (tcf) as of January 1, 2025.
This was disclosed by Engr. Gbenga Komolafe, the Commission Chief Executive of NUPRC, on Friday.
Komolafe noted that the figure includes 31.44 billion barrels of crude oil and 5.84 billion barrels of condensates, according to a report by the News Agency of Nigeria (NAN).
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025.
“The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf).
“Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who stated this, said that oil and condensate reserves stood at 31.44bb and 5.84bb respectively, amounting to a total of 37.28 bb,” the source read in part.
He explained that on the gas side, Nigeria’s total natural gas reserves have risen to 210.54 trillion cubic feet (tcf), made up of 101.03 tcf of Associated Gas (gas found with crude oil) and 109.51 tcf of Non-Associated Gas (gas found alone in reservoirs without oil).
The NAN report also indicated a slight drop in oil reserves, which stood at 37.50 billion barrels in 2024, but noted a marginal increase in gas reserves, up from 209.26 trillion cubic feet (tcf) recorded in the previous year.
Komolafe explained that it aligns with the Petroleum Industry Act (PIA) 2021 and the NUPRC’s Regulatory Action Plan for 2024 and the Near Term.
He further revealed that the Reserves Life Index, which is an estimate of how long the reserves would last at the current production level, is 64 years for oil and 93 years for gas respectively.
Komolafe added that Nigeria’s updated national petroleum reserves, stating that the country’s crude oil and condensate reserves now total 37.28 billion barrels, while natural gas reserves stand at 210.54 trillion cubic feet.
He noted that these figures represent the official national reserves position as of January 1, 2025.
What you should know
- Recently, President Bola Tinubu pledged to increase Nigeria’s crude oil production from under 1.5 million barrels per day to over 2 million bpd in 2025.
- In March, Nigeria’s oil production surged in February, surpassing its OPEC quota of 1.5 million bpd by 70,000 bpd, contributing to the cartel’s overall output increase, as reported in a Reuters survey.
- According to Nairametrics’ calculations based on figures from the NUPRC’s Crude Oil and Condensate Production Report, 2024, Nigeria produced 566,794,493 barrels of crude oil and condensate from January to December 2024.
