Nigeria’s Oil and Gas Reserves Likely To Finish In 64 Years Says NUPRC.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that the country’s crude oil reserves could sustain national demand for the next 64 years, while natural gas reserves are estimated to last up to 93 years.
This projection was disclosed in a statement issued on Friday in Abuja by the Commission’s Chief Executive, Gbenga Komolafe. The figures reflect Nigeria’s official petroleum reserves position as of 1 January 2025.
According to the statement, Nigeria’s 2P crude oil and condensate reserves now stand at 31.44 billion barrels and 5.84 billion barrels respectively, giving a combined total of 37.28 billion barrels. In addition, the country’s associated and non-associated natural gas reserves have reached a significant 210.54 trillion cubic feet (TCF).
Komolafe noted that these reserve levels confirm Nigeria’s continued relevance as a major player in the global oil and gas sector, adding that the Commission remains committed to expanding reserves and increasing production output in line with the goals of the Petroleum Industry Act (PIA) 2021.
“The Reserves Life Index is 64 years and 93 years for oil and gas respectively,” Komolafe said.
The announcement comes at a crucial time as Nigeria intensifies efforts to attract investment into its energy sector and leverage its vast hydrocarbon potential for economic development and energy security.
The NUPRC reassured stakeholders of its dedication to transparency, efficiency, and innovation in managing Nigeria’s upstream petroleum resources, emphasising that sustained reserves growth remains key to the nation’s energy future.
