Nigeria’s oil reserves fall, gas reserves hit 215TCF
Nigeria’s oil reserves have declined slightly, while gas reserves have grown, according to the Nigerian Upstream Petroleum Regulatory Commission. The commission, led by Oritsemeyiwa Eyesan, released new figures showing a shift in the country’s hydrocarbon resources. The official reserves position was declared as of January 1, 2026, with oil and gas reserves updated based on recent studies and discoveries. The data highlights Nigeria’s ongoing transition towards a gas-focused energy strategy.
TLDR
- The Nigerian Upstream Petroleum Regulatory Commission announced that total oil and condensate reserves stand at 37.01 billion barrels as of January 1, 2026.
- Total gas reserves have risen to 215.19 trillion cubic feet, reflecting a 2.21 per cent increase from the previous year.
- Oil reserves declined by 0.74 per cent, mainly due to production in 2025 and updated field performance data.
- Oritsemeyiwa Eyesan stated that the reserves life index is 59 years for oil and 85 years for gas.
- The commission reaffirmed its commitment to growing reserves and improving upstream sector performance under the Petroleum Industry Act, 2021.
