Nigeria’s proven oil reserves recorded a small decline at the start of 2026, while gas volumes increased, according to new data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In an official update issued in Abuja, the commission’s chief executive, Oritsemeyiwa Eyesan, announced that as of January 1, 2026, the country’s total oil and condensate reserves stood at 37.01 billion barrels. In contrast, total gas reserves rose to 215.19 trillion cubic feet (TCF).
A closer look at the figures shows that 2P crude oil reserves were put at 31.09 billion barrels, while condensates accounted for 5.92 billion barrels. For gas, associated gas reserves were estimated at 100.21 TCF, with non-associated gas at 114.98 TCF.
The regulator said the reserves life index – an estimate of how long the resources would last at current production rates – is 59 years for oil and 85 years for gas.
Explaining the changes, the commission noted that the 0.74 per cent drop in oil and condensate volumes was mainly due to production activities in 2025 and updated technical evaluations of fields. On the other hand, gas reserves increased by 2.21 per cent following fresh discoveries and improved reservoir studies.
Eyesan stated that the figures were declared in line with the provisions of the Petroleum Industry Act, which mandates transparent reporting of Nigeria’s petroleum resources and aims to strengthen upstream performance through improved oversight and data management.
A comparison with last year’s data shows that oil reserves were slightly higher in 2025 at about 37.3 billion barrels, while gas reserves were around 210–211 TCF. The latest update suggests a gradual shift in Nigeria’s hydrocarbon profile, with gas becoming increasingly prominent as oil discoveries slow and production continues.
Analysts say the trend aligns with the Federal Government’s gas-focused energy strategy and rising global demand for cleaner fuels. Despite the marginal drop, Nigeria still ranks among Africa’s top holders of crude oil reserves, while its expanding gas resources reinforce its position as one of the world’s gas-rich nations.
The commission added that reforms introduced under the PIA are expected to encourage investment, improve licensing transparency, and support further growth in reserves, particularly in gas exploration and development.
