Nigeria’s Oil Reserves to Last for 64 Years—NUPRC

Nigeria’s Oil Reserves to Last for 64 Years—NUPRC

Nigeria’s crude oil reserves have been projected to last for another 64 years, while its gas reserves could sustain the country for 93 years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said in Abuja on Friday.

The commission said the country’s crude oil reserves stood at 37.28 billion barrels as of January 1, 2025, with an estimated lifespan of 64 years. In a statement issued in Abuja, the commission chief executive, Engr. Gbenga Komolafe, also revealed that Nigeria’s gas reserves have reached 210.54 trillion cubic feet (TCF) as of the same date.

Komolafe explained that the crude oil reserve figure comprises 31.44 billion barrels of 2P (proven and probable) crude oil and 5.84 billion barrels of condensate. The gas reserves include 101.03 TCF of 2P-associated gas and 109.51 TCF of non-associated gas.

The Commission said; in keeping with its mandate as enshrined in the Petroleum Industry Act, 2021 (PIA), is committed to driving the efficiency and effectiveness of the upstream oil & gas sector, enhancing the growth of oil and gas reserves, and ensuring a sustainable increase in oil & gas production for shared prosperity as articulated in the Regulatory Action Plan for 2024 and the Near Term (RAP).

“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.

“2P crude oil and condensate reserves stand 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 (TCF) and 109.51 TCF, respectively, resulting in total Gas reserves of 210.54 TCF.

“The Reserves Life Index is 64 and 93 years for oil and gas, respectively. Engr. Gbenga Olu Komolafe, commission chief executive, declares 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. #Nigeria’s Oil Reserves to Last for 64 Years—NUPRC First Holdco Falls below N1 Trillion in Equities Market